COD Question 7 Minton Company provided the following information from its accounting records for 2019: Estimated production Actual production Budgeted overhead Actual overhead 60,000 labor hours 56,000 labor hours $1,800,000 $1,740,000 How much is the overhead application rate if Minton Company bases it on direct labor hours? $29.00 per hour $32.14 per hour $31.07 per hour $30.00 per hour