Aksamit corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. data for the most recently completed year appear below: estimates made at the beginning of the year: estimated machine-hours 62,000 estimated variable manufacturing overhead $7.03 per machine-hour estimated total fixed manufacturing overhead $1,486,140 actual machine-hours for the year 61,100 the predetermined overhead rate for the recently completed year was closest to: $23.97 $31.00 $7.03 $31.35