ABC Company listed the following data for the current year: Budgeted factory overhead Budgeted direct labor hours Budgeted machine hours Actual factory overhead Actual labor hours Actual machine hours $1,138,270 70,700 24,500 1,090,200 71,000 23,000 Assuming ABC applied overhead based on machine hours, the company's predetermined overhead rate for the year is: $16.03 per machine hour $15.35 per machine hour $46.46 per machine hour $47.40 per machine hour $15.60 per machine hour