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 Date Explanation Dec. 31 Direct materials cost 31 Direct labor cost 31 Overhead applied 31 To finished goods Debit 1,400,000 260,000 630,000 Credit Balance 1,400,000 1,660,000 2,195,000 2,290,000 95,000 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 $31,000. 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 Determine the predetermined overhead rate used (based on direct materials cost). Overhead Rate Choose Numerator: 1 Choose Denominator: Overhead Rate Overhead rate