Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materlals costs, $770,000; direct labor costs, $4,200,000; and factory overhead costs applied, $2,940,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $83,000 ending Work in Process Inventory account for the year had $32,000 of direct labor costs, determine the inventory's direct materials costs. Complete this question by entering your answers in the tabs below. Determine the company's predetermined overhead rate for the year: Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $770,000; direct labor costs, $4,200,000; and factory overhead costs applied, $2,940,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $83,000 ending Work in Process Inventory account for the year had $32,000 of direct labor costs. determine the inventory's direct materials costs. Complete this question by entering your answers in the tabs below. Assuming that the company's $83,000 ending Work in Process Inventory account for the year had $32,000 of direct labor costs, determine the inventory's direct materials costs