Sheffield Corp. provided the following information from its accounting records for 2017 Expected production Actual production 20000 labor hours 16000 labor hours $1100000 $1060000 Budgeted overhead Actual overhead How much is the overhead application rate if Sheffield Corp. bases the rate on direct labor hours? $68.75 per hour $53.00 per hour $55.00 per hour O $66.25 per hour