The Tomkins Company forecasts that total overhead for the current year will be $1,200,000 and that total machine hours will be 10,000 hours. Year to date, the actual overhead is $800,000 and the actual machine hours are 20,000 hours. If the Tomkins Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? $160 per machine hour $80 per machine hour $120 per machine hour $40 per machine hour