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Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data...

Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below:

Estimated machine-hours 72,500
Estimated variable manufacturing overhead $ 3.00 per machine-hour
Estimated total fixed manufacturing overhead $ 838,760

The predetermined overhead rate for the recently completed year was closest to:

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Estimated machine-hours = 72,500
Estimated variable manufacturing overhead = $3.00 per machine-hour
Estimated fixed manufacturing overhead = $838,760

Estimated manufacturing overhead = Estimated machine-hours * Estimated variable manufacturing overhead + Estimated fixed manufacturing overhead
Estimated manufacturing overhead = 72,500 * $3.00 + $838,760
Estimated manufacturing overhead = $1,056,260

Predetermined overhead rate = Estimated manufacturing overhead / Estimated machine-hours
Predetermined overhead rate = $1,056,260 / 72,500
Predetermined overhead rate = $14.57 per machine-hour

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