Ivanhoe Corporation allocates overhead based on direct labor cost. Assume Ivanhoe expects to incur a total of $1012600 in overhead costs and $830000 in direct labor costs. Actual overhead costs incurred totaled $1052000 and actual direct labor costs totaled $803000. Ivanhoe's predetermined overhead rate is closest to 122% of direct labor cost. 100% of direct labor cost. 96% of direct labor cost. 126% of direct labor cost