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Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end,...

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Accounting

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.
Work in Process Inventory
Debit Credit
Beginning 0
Direct materials used 1,800,000
Direct labor used 290,000
Overhead applied 738,000
2,754,000 Cost of goods manufactured
Ending 74,000
Determine the predetermined overhead rate used (based on direct materials cost).
Only one job remains in work in process inventory at year-end. Its direct materials cost is $24,000. How much direct labor cost and applied overhead are assigned to this job?

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