Item4 10 points eBookReferencesCheck my workCheck My Work button is now disabledItem 4 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 22,700 machine-hours. The estimated variable manufacturing overhead was $5.05 per machine-hour and the estimated total fixed manufacturing overhead was $633,784. The predetermined overhead rate for the recently completed year was closest to:

Multiple Choice

$32.97 per machine-hour

$31.97 per machine-hour

$27.92 per machine-hour

$5.05 per machine-hour