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 49,500 labor-hours. The estimated variable manufacturing overhead was $5.35 per labor-hour and the estimated total fixed manufacturing overhead was $1,292,940. The actual labor-hours for the year turned out to be 47.100 labor-hours. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $26.12 per labor-hour $5.35 per labor-hour $31.47 per labor-hour- $33.07 per labor-hour