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Arizona Machining, Inc. bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the upcoming year appear below: Estimated Machine Hours 36,000 Estimated variable manufacturing overhead $ 3.01 per machine-hour Estimated total fixed manufacturing overhead $1,058,040 The predetermined overhead rate for the recently completed year was closest to: O $32.40 per machine-hour $29.39 per machine-hour O $3.01 per machine-hour $32.81 per machine-hour