Baj Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year. The company has provided the following data for the most recent year. Estimated total fixed manufacturing overhead from the beginning of the year $534,000 Estimated activity level from the beginning of machine- the year 30,000 hours Actual total fixed manufacturing overhead $ 487,000 machine- Actual activity level 27,400 hours The predetermined overhead rate per machine-hour would be closest to: $17.80 $19.49 $16.23 $17.77