Nadelson Incorporated has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted variable manufacturing overhead Budgeted fixed manufacturing overhead Total Budgeted manufacturing overhead Budgeted production Actual Production Standard hours per unit Budgeted labor hours for the period $ 54,000 $ 21,000 $ 75,000 25,000 units 30,000 units 1.80 labor-hours 45,000 labor-hours The fixed component of the predetermined overhead rate is closest to: $0.70 per labor hour $1.67 per labor hour $0.47 per labor hour $0.84 per labor hour