Mexington Company's budgeted overhead rate is $7.00 per direct labor hour. Which of the following equations correctly computes the amount of overhead cost that should be allocated to work in process assuming a job required 111 hours but was estimated to require 101 hours? 111 hours * $7.00 = $777 1 job * $7.00 = $ 7 101 hours * $7.00 = $707 None of these answers are correct