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 Debit Credit Beginning 0 Direct materials used Direct labor used Overhead applied 1,800,000 260,000 774,000 2,736,000 Cost of goods manufactured Ending 98,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $31,000. How much direct labor cost and applied overhead 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 Numerator Denominator: Overhead applied Direct materials cost 1 Overhead Rate Overhead rate 0 Required Required 2 > 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 Debit Credit 0 Direct materials used Beginning Direct labor used: Overhead applied Ending 1,800,000 260,000 774,000 2,736,000 Cost of goods manufactured 98,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $31,000. How much direct labor cost and applied overhead are assigned to this job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Only one job remains in work in process inventory at year-end. Its direct materials cost is $31,000. How much direct labor cost and applied overhead are assigned to this job? Total cost of job in process Direct labor cost < Required 1 Required 2 >