Jamison Enterprises allocates manufacturing overhead based on direct labor cost. Jamison expected to incur a total of $2,074,964 of overhead costs and $1,682,193 of direct labor costs last year. Actual overhead costs incurred totaled $2,070,523, and actual direct labor costs totaled $1,597,641. What was Jamison's predetermined overhead rate last year? Round your answer to the nearest whole percent. O 130% of direct labor cost. O 123% of direct labor cost. O 120% of direct labor cost. O 100% of direct labor cost.

Jamison Enterprises allocates manufacturing overhead based on direct labor cost. Jamison expected to incur a total of $2,074,964 of overhead costs and $1,682,193 of direct labor costs last year. Actual overhead costs incurred totaled $2,070,523, and actual direct labor costs totaled $1,597,641. What was Jamison's predetermined overhead rate last year? Round your answer to the nearest whole percent. 130% of direct labor cost. 123% of direct labor cost. 120% of direct labor cost. 100% of direct labor cost