Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $670,000; direct labor costs, $3,200,000; and factory overhead costs applied, $1,920,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $73,000 ending Work in Process Inventory account for the year had $22,000 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 Numerator: Choose Denominator: Overhead Rate Total overhead costs Total direct labor costs Overhead rate 1,920,000 $ 3,200,000 60% $ Required Required 2 > Required 1 Required 2 Assuming that the company's $73,000 ending Work in Process Inventory account for the year had $22,000 of direct labor costs, determine the inventory's direct materials costs. Total cost of work in process inventory Direct materials