Christofferse Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: 
Required:
Compute the company's predetermined overhead rate for the recently completed year.
Definitions:
Substitute Input
An alternative resource or material that can be used in place of another in the production process to achieve the same outcome.
Labor Resource Market
A market where individuals offer their labor or services for wages to employers who are in need of those services.
Output Effect
The change in total revenue generated by selling an additional unit of a product or service.
Substitution Effect
The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with cheaper alternatives.
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