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 1,500,000 used Direct labor used 230,000 Overhead 570,000 2,211,000 Cost of goods manufactured Ending 89,000 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 $35,000. 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 Required 1 2 Determine the predetermined overhead rate used (based on direct materials cost). Numerator: Overhead Rate Denominator: = Overhead Rate Overhead = rate = < Required 1 Required 2 >