Exercise 19-12 Analyzing of costs assigned to work in process LO P3 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. Balance 1,200,000 Work in Process Inventory Date Explanation Debit Credit Direct Dec. 31 materials 1,200,000 cost Direct labor 31 cost 250,000 31 Overhead applied 504,000 To finished 31 goods 1,870,000 1,450,000 1,954,000 84,000 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 Required 1 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? $ 84,000 13,020 Total cost of job in process Less: Overhead applied Less: Materials cost of job in process Direct labor cost 31,000