Model High Great P Annual Sales in Units 10,300 16,300 Techno uses a volume-based costing system to apply factory overhead based on direct labor dollars. The unit prime costs of each product were as follows: Direct materials Direct labor High F $ 38.30 $ 12.90 Great $ 25.70 $ 13.50 Budget factory overhead: Engineering and Design Quality Control Machinery Miscellaneous Overhead Total 2,460 12,890 33, 770 26,450 engineering hours inspection hours machine hours direct labor hours $ 418,200 308,880 506,250 132,150 $ 1,365,480 Techno's controller had been researching activity based casting and decided to switch to it. A special study determined Techno's two products have the following budgeted activities Engineering and design hours Quality control inspection hours Machine hours Labor hours High 990 5,670 20,310 12,030 Great 1,470 7,220 13,460 14,420 What is the averhead application rate using the firm's volume-based costing system? (Rounded to the nearest percent or cents.) Multiple Choice O 69.0 percent of direct labor cost 5162 percent of direct labor cost 5.241 percent of direct labor cost. 338 percent of direct labor cost. 0 $5241 per direct labar hour