TB MC Qu. 15-61 (Algo) The standard fixed overhead application rate for the Machining Department: Grind Company The following budget data pertain to the Mochining Department of Grind Company: The company prepared the budget at 85% of the maximum capacity level. The department uses machine hours as the basis for applying standard factory overhesd costs to production (outputs) The standard fixed overhead application rate for the Machining Department (to two decimal places) is