Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $240,000 and 4,780 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $247,000 and actual direct labor-hours were 4,600. The predetermined overhead rate for the year was closest to:

$50.21

$53.70

$48.32

$51.67