Hibshman 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 company estimated the machine-hours for the upcoming year at 15,000 machine-hours. The estimated variable manufacturing overhead was $7.13 per machine-hour and the estimated total fixed manufacturing overhead was $246,750. The predetermined overhead rate for the recently completed year was closest to: O $23.58 per machine-hour $16.45 per machine-hour $7.13 per machine-hour O $16.58 per machine-hour