0.25/1 Show Attempt History Current Attempt in Progress Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020 Job So was the only job in process. The costs incurred prior to January 1 on this job were as follows direct materials $21.000 direct labor $12,600, and manufacturing overhead $ 16,800. As of January 1, Job 49 had been completed at a cost of $ 94.500 and was part of finished goods inventory. There was a $15.750 balance in the Raw Materials inventory account During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51: Jobs 49 and 50 were also sold on account during the month for $ 128.100 and $ 165.900, respectively. The following additional events occurred during the month 1. 2. Purchased additional raw materials of $ 94,500 on account Incurred factory labor costs of $ 73,500. Ot this amount $ 16.800 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $ 17.850; indirect falsor $21.000 depreciation expense on equipment $ 12.600, and various other manufacturing overhead costs on account $ 16.800 3. 4 Assigned direct materials and direct labor to jobs as follows Job No Direct Materials Direct Labor 50 $10.500 $5.250 51 40.950 26.250 52 31.500 21,000 (a) Your answer is correct Calculate the predetermined overhead rate for 2020. un ott Comments totauctor vector 882.000, direct labor costs of 5 735.000, and direct labor hours at 21.000 for the year Predetermined overhead rate 120 eTextbook and Media List of Accounts Attempts: 2 of 3 used (c) Your answer is correct Prepare the journal entries to record (1the purchase of raw materials (2) the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is Your answer is correct 0.25/1 !!! Prepare the journal entries to record (1) the purchase of raw materials (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (1) Raw Materials inventory 94,500 Accounts Payable 94.500 (2) Factory Labor 73.500 Factory Wages Payable 56700 Employer Payroll tives Payable 16.00 (3) Manufacturing Overhead 0.25/1 II! 50 Accounts Payable 1. Accumulated Depreciation Equent 12100 Raw Materials inventory 17250 Factory Labor 31000 (d 1) Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Credit occount titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Credit Debit (1) (2) (3) e Textbook and Media List of Accounts Savefoder Attempts: 0 of 3 used Submit Anwer