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 used 1,800,000 Direct labor used 210,000 Overhead 864,000 2,791,000 Cost of goods manufactured Ending B3,000 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 $22,000. 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 2 Determine the predetermined overhead rate used (based on direct materials cost). Overhead Rate Denominator: Numerator Overhead Rato Overhead rato 1 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 Direct labor used Overhead 0 1,800,000 210,000 864,000 2,792,000 cost of goods manufactured Ending 83,000 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 $22,000. 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 Only one job remains in work in process inventory at year-end. Its direct materials cost is $22,000. How much direct labor cost and applied overhead are assigned to this job? Total cost of job in process Direct labor cont Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year direct materials, $680,000; direct labor, $3,300,000; and overhead applied, $2,310,000. 1. Determine the company's predetermined overhead rate for the year. 2. The ending balance of its Work in Process Inventory account was $74,000, which included $23,000 of direct labor costs. Determine the direct materials costs in ending Work in Process Inventory Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the company's predetermined overhead rate for the year. Overhead Rate Denominator: Numerator 1 Overhead Rate Overhead rate 1 1 Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year: direct materials, $680,000; direct labor, $3,300,000; and overhead applied, $2,310,000. 1. Determine the company's predetermined overhead rate for the year. 2. The ending balance of its Work in Process Inventory account was $74,000, which included $23,000 of direct labor costs. Determine the direct materials costs in ending Work In Process Inventory Complete this question by entering your answers in the tabs below. Required 1 Required 2 The ending balance of its Work in Process Inventory account was $74,000, which included $23,000 of direct labor costs. Determine the direct materials costs in ending Work in Process Inventory: Ending balance of work in process inventory Direct materials cost in work in process inventory
