TB MC Qu. 2-37 (Algo) Longobardi Corporation bases its predetermined overhead... 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 34,800 labor-hours. The estimated variable manufacturing overhead was $5.06 per labor-hour and the estimated total fixed manufacturing overhead was $1,025,208. The actual labor-hours for the year turned out to be 32,300 labor-hours. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice O $34.52 per labor-hour O $29.46 per labor-hour O $5.06 per labor-hour O $37.19 per labor-hour