Silver Mfg. provided the following information from its accounting records for 2008: Expected production 20,000 labor hours Actual production 18,800 labor hours Budgeted overhead $400,000 Actual overhead $384,000 How much is the overhead application rate if Silver bases the rate on direct labor hours? Select one: a. $20.43 per hour b. $20.00 per hour c. $19.20 per hour d. $21.28 per hour