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 30,700 laboring overhead was $5.09 per labor-hour and the estimated total fixed manufacturing overhead was $724,827. The actual labor-hours for the year turned out to be 27,300 labor-hours. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $28.70 per labor-hour $23.61 per labor-hour $5.09 per labor-hour $32.27 per labor-hour