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. 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 $27,000. How much direct labor cost and applled overhead are assigned to this job? Only one job remains in work in process inventory at year-end. Its direct materials cost is $27,000. How much direct labor cost and applied overhead are assigned to this job? 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 $27,000. How much direct labor cos and applied overhead are assigned to this job? Complete this question by entering your answers in the tabs below. Determine the predetermined overhead rate used (based on direct materials cost)