Gilchrist 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 at 50,200 machine-hours. The estimated variable manufacturing overhead was $5.92 per machine-hour and the estimated total fixed manufacturing overhead was $1,328,292. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $31.38 per machine-hour $26.46 per machine-hour $5.92 per machine-hour $32.38 per machine-hour