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7 A company budgets overhead cost of $8,601,500 for the next year. The company uses...

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7 A company budgets overhead cost of $8,601,500 for the next year. The company uses machine hours as its overhead allocation base. If 460,000 machine hours are planned for the next year, what is the company's plantwide overhead rate? (Round your answer to two decimal places.) 1.5 points Multiple Choice 01:12:01 $2.85 per machine hour. $18.70 per machine hour. $0.35 per machine hour. $18.35 per machine hour. $0.05 per machine hour

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