[The following information applies to the questions displayed below.] In December 2012, Cardozo Company established its predetermined overhead rate for jobs produced during year 2013 by using the following cost predictions: overhead costs, $1,250,000, and direct labor costs, $500,000. At year end 2013 , the company's records show that actual overhead costs for the year are $1,201,300. Actual direct labor cost had been assigned to jobs as follows. 1. Determine the predetermined overhead rate for year 2013. Journal entry worksheet Record entry to allocate underapplied /overapplied overhead. Note: Enter debits before credits