Baker 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 $88,480 and 2,800 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $90,480 and actual direct labor-hours were 2,700. The predetermined overhead rate for the year was closest to: (Round your answer to 2 decimal places.) $31.60 $33.62 $30.36 $32.30