You skipped this question in the previous attempt 5 Exercise 02-12 Analyzing of costs assigned to work in process LO P3 Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process inventory account shows the following Credit Work in Process Inventory Date Explanation Debit Dec. 31 Direct materials cast 1,500,000 31 Direct labor cost 220,000 31 Overhead applied 220.000 31 To finished goods Balance 1,500,000 1,720.000 2,440,000 89,000 12,251,800 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 its direct materials cost is $22.000. 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 ces Determine the predetermined overhead rate used (based on direct materials cost). Overhead Rate Choose Denominator: 1 Choose Numerator: Overhead Rate Overhead rato Required 2 > Exercise 02-12 Analyzing of costs assigned to work in process Lorenzo Company applies overhead to jobs on the basis of direct materials cost. shows the following Work in Process Inventory Date Explanation Debit Credit Balance Dec.31 Direct materials cost 1,500,000 1,500,000 31 Direct labor cost 220,000 1,720,000 31 Overhead applied 720,000 2,440,000 31 To finished goods 2,351,600 89,689 ok 1. Determine the predetermined overhead rate used (based on direct materials co 2. Only one job remained in work in process inventory at December 31. Its direct m and overhead cost are assigned to this job? Complete this question by entering your answers in the tabs below. nces Required 1 Required 2 Only one job remained in work in process inventory at December 31. Its direct materi labor cost and overhead cost are assigned to this job? Total cost of job in process Direct labor cost