Gilchrist Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. At the beginning of the most recently completed year, the Corporation estimated the machine-hours for the upcoming year at 44,800 machine-hours. The estimated variable manufacturing overhead was $4.65 per machine-hour and the estimated total fixed manufacturing overhead was $1,239,616. The predetermined overhead rate for the recently completed year was closest to: Multiple Choice $31.32 per machine-hour $27.67 per machine-hour $4.65 per machine-hour $32.32 per machine-hour