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 67,000 machine-hours. The estimated variable manufacturing overhead was $5.62 per machine-hour and the estimated total fixed manufacturing overhead was $1,746,690. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice O $31.69 per machine-hour $30.69 per machine-hour $5.62 per machine-hour $26.07 per machine-hour