longobardi corporation bases its predetermined overhead rate on the estimated labor- hours for the upcoming year. at the beginning of the most recently completed year, the corporation estimated the labor-hours for the upcoming year at 46,000 labor- hours. the estimated variable manufacturing overhead was $6.25 per labor-hour and the estimated total fixed manufacturing overhead was $1,026,260. the actual labor- hours for the year turned out to be 41,200 labor-hours. the predetermined overhead rate for the recently completed year was closest to:______.