Sheridan Company provided the following information from its accounting records for 2019. Estimated 100000 labor hours production Actual production 76000 labor hours Budgeted overhead $1000000 Actual overhead $960000 How much is the overhead application rate if Sheridan Company bases the rate on direct labor hours? O $12.63 per hour $13.16 per hour O $10.00 per hour O $9.60 per hour