0.571 E Question 13 of 13 View Policies 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 $24.400, direct labor 514 640, and manufacturing overhead $19,520. As of January 1. Job 49 had been completed at a cost of $109,800 and was part of finished goods inventory. There was a $18,300 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 $148,840 and 5192,760, respectively. The following addition events occurred during the month, Purchased additional raw materials of $109.800 on account 2 Incurred factory labor costs of $85,400 of this mount $19,520 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: Indirect materials $20,740; Indirect labor $24400; depreciation expense on equipment $14.640; and various other manufacturing overhead costs on account $19.520 4 Assigned direct materials and direct labor to jobs as follows 1 3 Job No. Direct Materials Direct Labor $12.200 $6,100 50 51 47.580 30.500 52 36,600 24,400 (a) Your answer is correct Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $1.024,800, direct labor costs of $854,000, and direct labor hours of 24,400 for the year Predetermined overhead rate 120 eTextbook and Media List of Accounts Attempts: 1 of Sused Your answer is correct 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 tities are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) 1 Raw Materials Inventory 109800 Accounts Payable (2) Factory Labor 85,400 Factory Wages Payable Employer Payroll Taxes Payable (3) Manufacturing Overhead 79.300 Raw Materials Inventory Factory Labor Accumulated Depreciation Equipment Accounts Payable eTextbook and Media (11) Your answer is correct 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 account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 96380 Raw Materials inventory ( (2) Work in Process Inventory 61000 Factory Labor (3) Work in Process Inventory 73200 Manufacturing Overhead eTextbook and Media List of Account Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary Direct Materials Direct Labor Manufacturing Overhead 24400 14.640 $ 19520 12200 6.100 7,320 $ 36.000 $ 20 740 $ 26.840 b 36,600 20.740 ing 26.840 B4180 Direct Materials Direct Labor Manufacturing Overhead $ 47.580 $ 30.500 36.000 $ 47.580 $ 30.500 36,600 7580 DO 30 500 ing 36,600 114.680 Job No.52 Date Direct Materials Direct Labor Manufacturing Overhead Jan 36.800 $ 24.400 29.281 eTextbook and Media List of Accounts Attempts: 1 of 5 used (e) Prepare the journal entry to record the completion of any jobsl during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Attempts:0 of 5 used Submit Answer ( The parts of this question must be completed in order. This part wil be available when you complete the part above. le The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part will be available when you complete the part above