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ework with Video Assistance 71 Question 11 of 15 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 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600. direct labor $12.960, and manufacturing overhead $17.280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16.200 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 mohth for $131,760 and $170,640, respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $97,200 on account Incurred factory labor costs of $75,600. Of this amount $17,280 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $18,360; indirect labor $21,600; depreciation expense on equipment $12.960; and various other manufacturing overhead costs on account $17,280. Assigned direct materials and direct labor to jobs as follows. 2. 4. Job No. 50 51 52 Direct Materials $10,800 42,120 32.400 Direct Labor $5,400 27,000 21,600 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $907,200, direct labor costs of $756,000, and direct labor hours of 21,600 for the year. Ch 15: Homework with Video Assistance Question 11 of 15 -11 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $907,200, direct labor costs of $756,000, and direct labor hours of 21,600 for the year. Predetermined overhead rate e Textbook and Media List of Accounts 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) (2) Ch 15: Homework with Video Assistance Question 11 of 15 - / 1 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. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ $ $ Jan $ $ $ Cost of completed Direct materials $ Direct labor Manufacturing overhead Total cost $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan $ $ $ Question 11 of 15