The Work in Process Inventory account of a manufacturing company has a $4,400 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $2,000 and direct labor cost of $800. Therefore, the company's predetermined overhead rate is 80% of direct labor cost. 40% of direct labor cost 50% of direct labor cost. 200% of direct labor cost 300% of direct labor cost