Accounts receivable Average raw materials inventory Cost of goods sold Direct materials cost

Lorenzo Company applies overhead to jobs on the basis of direct materials cost, At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory see,eee see, eee Debit Beginning Direct materials used Direct labor used Overhead Ending e 1, see, eee se,eee Credit 2, 350, eoe CoSIc 'Of goods manufactured 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remains in work in process inventory at year-end: Itsdirect materials cost is $30,000. How much direct labor cost and applied overhead are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2