Exercise 2-19 (Algo) Analyzing 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. 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remains in work in process inventory at year-ond. Its direct materials cost is $37,000. How much direct labor cost and applied overhead are assigned to this job? Complete this question by entering your answers in the tabs below. Determine the predetermined overhead rate used (based on direct materials cost). orenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process inventory account shows the following. 1. Determine the predetermined overhead rate used (bosed on direct materiais cost). 2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $37,000. How much direct labor cost and applied overhead are assigned to this job? Complete this question by entering your answers in the tabs below. Oniy one job remains in work in process inventory at year-end, Its direct materials cost is $37,000. How much direct labor cost and applied overhead are assigned to this job