Question 6 Waterway provided the following information from its accounting records for 2020: Expected production Actual production Budgeted overhead Actual overhead 30400 labour hours 28800 labour hours $1535200 $1485200 How much is the overhead application rate if Waterway bases the rate on direct labour hours? $51.57 per direct labour hour $48.86 per direct labour hour $50.50 per direct labour hour $53.31 per direct labour hour