Determine the balance in Work in Process at the end of August. Jobs finished during August are summarized here: 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 wa $24,500. 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. Calculate the predetermined overhead rate that was used to apply manufacturing overhead to jobs during August. Note: Round your answer to 2 decimal places. Determine how much of the direct materials cost and applied overhead would be recorded for Job 248 as of August 31 . Note: Round your "Predetermined Overhead Rate" to 2 decimal places