Gilchrist Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. At the beginning of the most recently completed year, the Corporation estimated the machine-hours for the upcoming year at 64,900 machine-hours. The estimated variable manufacturing overhead was $4.97 per machine-hour and the estimated total fixed manufacturing overhead was $1,858,087. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $28.63 per machine-hour $32.60 per machine-hour $4.97 per machine-hour $33.60 per machine-hour