Clay Co. produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based direct labor hours Required: d that a total of 53,000 direct labor hours would be workad. Calculate the amount of overhead to be appled t each direct labor hour worked on a producion run. d Por 2016 th0 company s co8t accountant estimated that total overhead costs incurred would be $461,100 your answer to Predetermined overhead application rate b. A production run of 350 coffee mugs used raw materials that cost $450 and used 50 direct labor hours at a cost of $10.30 per hour. Calculate the cost of each coffee mug produced. (Do not round internmediate calculations. Round your answer to 2 decimal places.) 0st per cofee mug produced c. At the end of October 2016, 310 coffee mugs made in the production run in part b had been sold and the rest were in ending inventory. Calculate October 31, 2016, finished goods iventory. (Do not round intermediate calculations. Round your answers to 2 decimal places.) ) the cost of the coffee mugs sold that would have been reported in the income statement and ) the cost included in the Coet of coffoe mugs sold Cost of coffee mugs in inventory