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 45,900 machine-hours. The estimated variable manufacturing overhead was $7.53 per machine-hour and the estimated total fixed manufacturing overhead was $1,290,708. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $35.65 per machine-hour $34.65 per machine-hour $7.53 per machine-hour $28.12 per machine-hour