Honeywell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year. ted Overhead Cost Driver Activit Ordering and Receiving Machine Setup Machining Assembly Inspection Orders Setups Machine hours Parts Inspections $21,100 $30,700 $50,500 I 125,000 hours $59,600 | 1,000,000 parts $35,800 | 500 inspections 500 orders 450 setups Overhead is applied using traditional costing based on direct labor hours. What is the overhead application rate? $1.98 $0.51 $0.21 $1.46