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 Credit Debit Beginning Direct materials used birect labor used Overhead applied 0 1,500,000 300,000 600,000 2,350,000 copt of goods manufactured Inding 30,000 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 $30,000. How much direct labor cost and applied overhead are assigned to this job? Overhead Rate Numerator: Denominator: II Overhead Rate Overhead rate 11 1 Required: Required 2 > Required 1 Required 2 Only one job remains in work in process inventory at year-end. Its direct materials cost is $30,000. How much direct labor cost and applied overhead are assigned to this job? Total cost of job in process Direct labor cost