Ironstone Incorporated produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based on direct labor hours. Required: For 2022, the companys cost accountant estimated that total overhead costs incurred would be $627,200 and that a total of 64,000 direct labor hours would be worked. Calculate the amount of overhead to be applied for each direct labor hour worked on a production run. Note: Round your answer to 2 decimal places. A production run of 400 coffee mugs used raw materials that cost $560 and used 60 direct labor hours at a cost of $11.40 per hour. Calculate the cost of each coffee mug produced. Note: Do not round intermediate calculations. Round