Exercise 15-12 Analyzing of costs assigned to work in process LO P3 3 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 ats ook Credit Work in Process Inventory Date Explanation Debit Dec. 31 Direct materials cost 1,5ee,eee 31 Direct labor cost 270,000 31 Overhead applied 488,888 31 To finished goods Hint Balance 1,500, eee 1,770,000 2,25e,eee 92.ee Print 2,158,00 1. Determine the predetermined overhead rate used (based on direct materials cost) and overhead cost are assigned to this job? 2. Only one job remained in work in process inventory at December 31. Its direct materials cost is $37.000. How much direct labor cost Complete this question by entering your answers in the tabs below. Required 1 zuired 2 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 $37,000 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: Required 2 Determine the predetermined overhead rate used (based on direct materials cost). Choose Numerator: Overhead Rate 1 Choose Denominator: Overhead Rate Overhead rate Required 2 > 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 $37,000. 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 $37,000. How m labor cost and overhead cost are assigned to this job? Total cost of job in process Direct labor cost