Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost At year-end, the Work in Process Inventory account shows the following Debit Date 2017 Explanation Credit Balance Dec. 2 Direct naterials 1,500, 000 1,500, 000 cost Direct labor 31 cost 300,000 1,800, 000 31 Overhead applied 600,000 2,400,000 To finished 31 goods 2,350,000 50,000 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, 2017. Its direct materials cost is $30,000. 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 Choose Denominator Overhead Rate Overhead rate Required 2 Cost 31 Overhead applied 600, D00 2,400,000 To finished 31 goods 2,350,000 50,000 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, 2017. Its direct materials cost is $30,000. 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 Only one job remained in work in process inventory at December 31, 2017. Its direct materials cost is $30,000. How much rect labo ost and overhead cost are assigned to this job? Total cost of job in process Direct labor oost