27. Sirmons Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 35,000 labor-hours. The estimated variable manufacturing overhead was $12.27 per labor-hour and the estimated total fixed manufacturing overhead was $1,680,700. The actual labor-hours for the year turned out to be 74,000 labor-hours. The predetermined overhead rate for the recently completed year was closest to: O $60.02 per labor-hour $12.27 per labor-hour $60.29 per labor-hour O $48.02 per labor-hour