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 Estimated variable manufacturing overhead Estimated total fixed manufacturing overhead 72,100 $ 3.10 per machine-hour $838,780 The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $8.60 per machine-hour $9.30 per machine-hour $14.73 per machine-hour $6.79 per machine-hour