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 20,900

machine-hours. The estimated variable manufacturing overhead was $6.67 per machine-hour and the estimated total fixed manufacturing overhead was $558,030. The predetermined overhead rate for the recently completed year was closest to:

Multiple Choice

$32.37 per machine-hour

$6.67 per machine-hour

$33.37 per machine-hour

$26.70 per machine-hour