Assume that a company uses a standard cost system and applies overhead to production based on direct labor hours. It provided the following information for its most recent year Total budgeted fixed overhead coat for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output $324.000 $276.000 60,000 56.000 58,000 The fixed portion of the predetermined overhead rate is closest to: Multiple Choice $5.35 $5.00