Hibshman 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 10,000 machine-hours. The estimated variable manufacturing overhead was $6.82 per machine-hour and the estimated total fixed manufacturing overhead was $230, 200. The predetermined overhead rate for the recently completed year was closest to: $29.84 per machine-hour $23.15 per machine-hour $23.02 per machine-hour $6.82 per machine-hour