Gachrist Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. At the beginning of the most recently completed year, the Corporation estimated the machine-hours for the upcoming year of 22,700 machine hours. The estimated variable manufacturing overhead was $5.05 per machine-hour and the estimated total fixed manufacturing overhead was $633,784. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $505 per machine hour $21.97 per machine hour $27.92 per machine-hour $32.97 per machine hour