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 Work in Process Inventory Date Explanation Debit Credit Dec. 31 Direct materials cost 1,500,000 31 Direct labor cost 260,000 31 Overhead applied 525,000 31 to finished goods 2,200,000 Balance 1,500,000 1,760,000 2,285,000 77,000 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 Determine the predetermined overhead rate used (based on direct materials cost). Choose Numerator: Overhead Rate 1 Choose Denominator: 1 Overhead Rate Overhead rate 1 Work in Process Inventory Date Explanation Debit Credit Dec. 31 Direct materials cost 1,500,000 31 Direct labor cost 260,000 31 Overhead applied 525,000 31 to finished goods 2,200,000 Balance 1,500,000 1,760,000 2,285,000 77,000 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