Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor costs. During the year, the company incurred the following actual costs. Direct materials used Direct labor Factory overhead $384,000 306,000 658,000 The January 1 balances of inventory accounts are shown below. Materials-all direct Work-in-process Finished goods $70,000 41,000 26,000 The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year. The predetermined factory overhead rate is: Multiple Choice 215% of direct labor costs. 212% of direct labor costs. 203% of direct labor costs. 222% of direct labor costs. 210% of direct labor costs