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Problem 1: Sheridan Corporation allocates overhead based on direct labor cost. Assume Sheridan expects to incur a total of $ 1033200 in overhead costs and $ 820000 in direct labor costs. Actual overhead costs incurred totaled $ 1041000 and actual direct labor costs totaled $ 802200. Sheridan's predetermined overhead rate is closest to
Option 1: 100% of direct labor cost.
Option 2: 129% of direct labor cost.
Option 3: 99% of direct labor cost.
Option 4: 126% of direct labor cost.
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