0.63/1 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 50 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. Purchased additional raw materials of $ 94.500 on account. Incurred factory labor costs of $ 73,500. Of this amount $ 16,800 related to employer payroll taxes. 2. 3. Incurred manufacturing overhead costs as follows: indirect materials $17.850 indirect labor $21.000; depreciation expense on equipment $12.600; and various other manufacturing overhead costs on account $ 16,800. Assigned direct materials and direct labor to jobs as follows. 4. 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, assuming Lott Company estimates total manufacturing overhead costs of 882.000, direct labor costs of $ 735.000, and direct labor hours of 21.000 for the year, 0.63/1 Calculate the predetermined overhead rate for 2020, assuming tott Company estimates total manufacturing overhead costs of 882,000, direct labor costs of $ 735,000, and direct labor hours of 21,000 for the year. Predetermined overhead rate 120 e Textbook and Media List of Accounts Attempts: 2 of 3 used (c) Your answer is correct 0.63/1 !!! 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 titles are automatically indented when amount is entered. Do not inden manually.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 94,500 Accounts Payable 94500 (2) Factory Labor 23.500 Factory Wages Payable 56,700 16.800 0.6371 ini Employer Payroll Taxes Payable 16.800 (3) Manufacturing Overead 68.250 Accounts Payable 16.800 Accumulated Depreciation Equipment 12.600 Raw Materials Inventory 17.850 Factory Labor 21.000 e Textbook and Media List of Accounts 0.63/1 the journal entries to record the assignment of (1) direct materials, 12 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 82950 Raw Materials Inventory 82950 (2) Work in Process Inventory 52500 Factory Labor 52500 (3) Work In Process Inventory 63000 63000 Manufacturing Overhead Openjob 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. 0.63/1 Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ 21000 $ 12600 $ 16800 Jan. 10.500 5250 6300 31500 $ $ 17850 $ 23100 Cost of completed job $ 31500 Direct materials Cost of completed job Direct materials 31500 Direct labor 17850 Manufacturing overhead 23100 Total cost $ 72450 Job No. 51 Direct Labor Direct Materials Date Manufacturing Overhead 31500 S $ 40950 26250 $ Jan. Job No. 51 = Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 40950 $ 26250 $ 31500 $ 40950 $ 26250 5 31500 Cost of completed job Direct materials $ 40950 Direct labor 26250 31500 Manufacturing overhead 9700 Total cost Manufacturing overhead V.05 = 31500 Total cost 98700 Job No. 52 Date Direct Materials Direct Labor Mariufacturing Overhead Jan. $ 31500 $ 21000 $ 25200 eTextbook and Media Solution Assistance Used List of Accounts Your answer is correct. Prepare the journal entry to record the completion of any jobs) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Finished Goods Inventory 171.156 Work in Process Inventory 171.150 e Textbook and Media List of Accounts Attempts: 2 of 3 used Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) (To record cost of jobs)