Longobardi Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the Corporation estimated the labor-hours for the upcoming year at 45,500 labor-hours. The estimated variable manufacturing overhead was $5.49 per labor-hour and the estimated total fixed manufacturing overhead was $1,037,855. The actual labor-hours for the year turned out to be 41,600 labor-hours. The predetermined overhead rate for the recently completed year was closest to: