Exercise 15-12 Analysis of costs assigned to work in process LO P3 Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following Date Explanation Debit Credit Balance 2017 Direct Dec.31 materials 1,500,000 1,500,000 cost Direct labor 31 300,000 1,800,000 cost Overhead 31 applied 600,000 2,400,000 31 To finished 2,350,000 50,000 goods 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, 2017. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. 1 Required Required 2 Determine the predetermined overhead rate used (based on direct materials cost). Overhead Rate Choose Choose Overhead Numerator: Denominator: Rate Overhead rate 1 Required 1 Required 2 > 2. Only one job remained in work in process invento much direct labor cost and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. Required Required Only one job remained in work in process inventory at December 31, 2017. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to this job? Show less Total cost of job in process Direct labor cost