TB MC Qu. 10-51 Olivera Corporation's flexible budget performance...

Olivera Corporation's flexible budget performance report for last month shows that actual indirect materials cost, a variable cost, was $51,470 and that the spending variance for indirect materials cost was $2,350 unfavorable. During that month, the company worked 16,000 machine-hours. Budgeted activity for the month had been 16,320 machine-hours. The cost formula per machine-hour for indirect materials cost must have been closest to:

$3.38

$3.45

$3.01

$3.07