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 Direct materials used. Direct labor used Overhead Ending 1,700,000 260,000 680,000 2,568,000 Cost of goods manufactured 72,000 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 $37,000. 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). Numerator: Overhead Rate Denominator: < Required 1 Overhead Rate Overhead rate = Required 2 > 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 $37,000. 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