Question 8 (1 point) Which of the following statements is incorrect? 1) A predetermined overhead rate may be used to allocate overhead costs when volume varies during the year. 2) A predetermined overhead rate is calculated using actual cost and volume data. 3) A predetermined overhead rate is calculated by dividing costs by volume, using a measure of volume such as direct labor hours or direct materials cost. 4) A company may need to allocate overhead costs to products to make pricing decisions for the products