Balance, August 1 Direct materials used Direct labor Manufacturing overhead applied (based on direct labor cost) Work In Process $ 124,000 124,800. 159,000 146,000 Jobs finished during August are summarized here: Cost of Jobs Completed $70,950 Job # 234 237 32,800 231 246 47,000 24,000 Required: At the end of August, only one job, Job 248, was still in process. The direct labor cost incurred on Job 248 as of August 31 was $23,200. 1. Calculate the predetermined overhead rate that was used to apply manufacturing overhead to jobs during August. 2. Determine the balance in Work in Process at the end of August. 3. Determine how much of the direct materials cost and applied overhead would be recorded for Job 248 as of August 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the predetermined overhead rate that was used to apply manufacturing overhead to jobs during August. (Round your answer to 2 decimal places.)