The manufacturing overhead budget at Foshay Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 7,900 direct labor-hours will be required in May. The variable overhead rate is $8.20 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $142,990 per month, which includes depreciation of $24,950. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for May should be: Multiple Choice 0 $26.30 0 $22.80 0 $8.20 0 $18.10