Concord Corporation provided the following information from its accounting records for 2019.

Estimated production	50000 labor hours
Actual production	46000 labor hours
Budgeted overhead	$1000000
Actual overhead	$960000

How much is the overhead application rate if Concord Corporation bases the rate on direct labor hours?

$20.87 per hour

$19.20 per hour

$20.00 per hour

$21.74 per hour