Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $680,000: direct labor costs, $3,300,000: and factory overhead costs applied. $2,310,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $74,000 ending Work in Process Inventory account for the year had $23,000 of direct labor costs, determine the inventory's direct materials costs. Complete this question by entering your owners In the tab: below. Required 1 Required 2 Determine the company's predetermined overhead rate for the year. Required 2 "2 Required 1 Required 2 Assuming that the company's $74,000 ending Work in Process Inventory account for the year had $23,000 of direct labor costs, determine the inventory's direct materials costs. Total cost of work in process inventory Direct materials