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Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 kg. e $2.15/kg) Actual cost of materials purchased Actual direct materials purchased and used $15.05 per finished unit $351,750 153,000 kg Multiple Choice $24,500 unfavorable. $47,300 unfavorable. $47,300 favorable. $22.800 unfavorable $22.800 favorable uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $700,000 of overhead during the next period, and expects to use 40,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's overhead application rate? 571%. 57% 0175% 062%