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 Date Work in Process Inventory Explanation 31 Dec. 31 Direct materials cost 31 Overhead applied Direct labor cost Debit 1,800,000 290,000 220,000 Credit Balance 1,000,000 2,090,000 2,810,000 31 To finished goods 2,721,000 89,000 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 $36,000. 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 21 Determine the predetermined overhead rate used (based on direct materials cost). Choose Numerator Overhead costs Overhead Rate Choose Denominator Overhead Rate Drect matenals cost 720 000 S 1.300.000 Overned rate 40% 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. Date Work in Process Inventory Explanation Dec. 31 Direct materials cost 31 Direct labor cost 31 Overhead applied 31 To finished goods Debit 1,800,000 290,000 Credit Balance 1,800,000 2,090,000 720,000 2,810,000 2,721,000 89,000 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 $36,000. 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 $36,000. How much direct labor cost and overhead cost are assigned to this job? Total cost of job in process Less Materials cost of job in process Less Overhead applied Direct labor cost