Sirmons 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 company estimated the labor-hours for the upcoming year at 50,000 labor-hours. The estimated variable manufacturing overhead was $11.88 per labor-hour and the estimated total fixed manufacturing overhead was $1,652,200. The actual labor-hours for the year turned out to be 74,000 labor-hours. The predetermined overhead rate for the recently completed year was closest to:

$44.65 per labor-hour

$11.88 per labor-hour

$44.92 per labor-hour

$33.04 per labor-hour