Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following.

  

Date			Explanation	Debit		Credit		Balance
2017
Dec.	31		Direct materials cost	1,800,000				1,800,000
	31		Direct labor cost	250,000				2,050,000
	31		Overhead applied	612,000				2,662,000
	31		To finished goods			2,572,000		90,000

Required 1

Determine the predetermined overhead rate used (based on direct material cost).

Overhead Rate
Choose Numerator:	/	Choose Denominator:	=	Overhead Rate
Overhead costs	/	Direct materials cost	=	Overhead rate
$612,000	/	$1,800,000	=	34%

Required 2

Only one job remained in work in process inventory at December 31, 2017. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to this job?

Total cost of job in process	$90,000
Less: Overhead applied
Less: Materials cost of job in process
Direct labor cost