49 0.23 points eBook Hint References Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year: direct materials, $650,000; direct labor, $3,000,000; and overhead applied, $1,800,000. 1. Determine the company's predetermined overhead rate for the year. 2. The ending balance of its Work in Process Inventory account was $71,000, which included $20,000 ofdirect labor costs. Determine the direct materials costs in ending Work in Process Inventory. Complete this question by entering your answers in the tabs below. ReqUired 2 Determine the company's predetermined overhead rate for the year. We take the information available to determine what predetermined overhead rate was used for the period. We back into this rate as follows: - - Required 1 Required 2 The ending balance of its Work in Process Inventory account was $71,000, which included $20,000 of direct labor costs. Determine the direct materials costs in ending Work in Process Inventory. Ending balance of work in process inventory Direct materials cost in work in process inventory