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 Mark La Process Inventory Debit Condit 0 Beginning Direct materials used Direct labor used) Ovnchead! Ending 1,300,000 290,000 555,000 2,269,000 Cost of goods manufactured 76,000 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 $21,000. 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 21 Determine the predetermined overhead rate used (based on direct materials cost). Numerator Overhead Rate Denominator Overhead Rate Overhead rate