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 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 $32.97 per machine-hour $31.97 per machine-hour $5.05 per machine-hour $2792 per hine-hour