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 66,800 machine-hours. The estimated variable manufacturing overhead was $5.23 per machine-hour and the estimated total fixed manufacturing overhead was $1,770,200. The predetermined overhead rate for the recently completed year was closest to:

$31.73 per machine-hour

$5.23 per machine-hour

$26.50 per machine-hour

$30.73 per machine-hour