Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $690,000; direct labor costs, $3,400,000; and factory overhead costs applied, $2,720,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $75,000 ending Work in Process Inventory account for the year had $24,000 of direct labor costs, determine the inventory's direct materials costs. 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 Choose Denominator: Choose Numerator: 1 Overhead Rate / Overhead rate / Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that the company's $75,000 ending Work in Process Inventory account for the year had $24,000 of direct labor costs, determine the inventory's direct materials costs. Total cost of work in process inventory Direct materials