The following information came from the accounting records for Ace Company for 2019: Estimated production 60,000 labor hours Actual production 56,000 labor hours Budgeted overhead $900,000 Actual overhead $870,000 How much is the predetermied overhead rate if Ace bases the rate on direct labor hours? $15.54 per hour $16.07 per hour $14.50 per hour $15.00 per hour