er 15 Homework Saved 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 Date Work in Process Inventory Explanation Dec. 31 Direct materials cost 31 Direct labor cost 31 Overhead applied Debit 1,200,000 220,000 408,000 Credit Balance 1,200,000 1,420,000 1,828,000 31 To finished goods 1,748,000 80,000 1. Determine the predetermined overhead rate used (based on direct materiais cost). 2. Only one job remained in work in process Inventory at December 31. Its direct materials cost is $31,000. How much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the predetermined overhead rate used (based on direct materials cost). Overhead Rate Choose Numerator Choose Denominator Overhead Rate Overhead rate Required 2 > PayPal G Chapter 15 Homework points GMU html Savant G C & D XV 1 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. eBook Hint Print Work in Process Inventory Explanation Date Dec. 31 Direct materials cost 31 Direct labor cost 31 Overhead applied 31 To finished goods Debit 1,200,000 220,000 Credit Balance 1,200,000 1,420,000 408,000 1,828,000 1,748,000 80,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process Inventory at December 31. Its direct materials cost is $31,000. How much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Only one job remained in work in process inventory at December 31. Its direct materials cost is $31,000. How much direct labor cost and overhead cost are assigned to this job? Total cost of job in process Direct labor cost Required 1 Play 1 of 3 Next >