Wavecrest Corporation bases its predetermined overhead rate on direct labor hours. At the beginning of the most recently completed period, Wavecrest estimated direct labor hours for the period at 46,000 labor hours. The estimated variable manufacturing overhead rate for the period was $6.25 per labor hour and estimated total fixed manufacturing overhead was $1,026,260. Actual clirect labor hours for the period turned out to be 41.200 labor hours. What was the predetermined overhead rate at Wavecrest for the recently completed period? $28.56 $22.31 $6.25 / $31.16 None of the above