Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At yearend, the Work in Process Inventory account shows the following.
tableWork in Process Inventory,,BeginningDirect materials used,Direct labor used,Overhead applied, Cost of goods manufactured,Ending
Determine the predetermined overhead rate used based on direct materials cost
Only one job remains in work in process inventory at yearend. Its direct materials cost is $ How much direct labor cost and applied overhead are assigned to this job?
