The Wildhorse Paint Co.uses a process costing system. You have been given the following selected information for July 2022: Units Percent Complete Beginning work in process inventory 7,320 70% Units started 29.280 Ending work in process inventory 12,200 60% The total cost of the beginning work in process inventory was $45,140, of which $8,540 was for direct labour costs. Overhead is applied on the basis of direct labour costs. During July, the company added $84,670 of direct materials, $61,610 of direct labour, and $73,932 of overhead to work in process Inventory. All direct materials are added at the beginning of the process, and the conversion costs are incurred uniformly throughout the process. Calculate the overhead rate, Overhead rate %