Concord Mfg. provided the following information from its accounting records for 2022. 40000 labor hours Expected production Actual production 68000 labor hours Budgeted overhead $ 900000 Actual overhead $950000 What is the predetermined overhead rate if Concord bases the rate on direct labor hours (rounded to the nearest cent)? O $13.24 per hour $23.75 per hour O $ 22.50 per hour $ 13.97 per hour