RECOMMENDED!!Gilchrist Corporation bases its predetermined

  

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 37,700 machine-hours. The estimated variable manufacturing overhead was $7.33 per machine-hour and the estimated total fixed manufacturing overhead was $1,003,574. The predetermined overhead rate for the recently completed year was closest to:

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