Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below:

Estimated machine-hours 36,000

Estimated variable manufacturing overhead $ 3.01 per machine-hour

Estimated total fixed manufacturing overhead $ 1,058,040

The predetermined overhead rate for the recently completed year was closest to:

Question 16 options:

$32.40 per machine-hour

$32.81 per machine-hour

$3.01 per machine-hour

$29.39 per machine-hour