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. Check my work Work in Process Inventory Debit Credit Beginning Direct materials used Direct labor used Overhead applied Ending 2,000,000 280,000 920,000 3,118,000 Cost of goods manufactured 82,000 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 $24,000. 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 $24,000. How much direct labor cost and applied overhead are assigned to this job? Total cost of job in process Less: Overhead applied Less: Direct materials cost of job in process Direct labor cost $ 82,000 24,000 < Prev 6 of 11 Score answer >