The manufacturing overhead budget at Foshay Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 7,600 direct labor-hours will be required in May. The variable overhead rate is $780 per direct labor hour. The company's budgeted fixed manufacturing overhead is $147.440 per month, which includes depreciation of $24,920. 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 $780 $23.70 $19.40 $27:20