CALCULATOR ES PRINTER VERSION MACK NEXT Problem 15-01A 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 $23,600, direct labor 514,160, and manufacturing overhead $10,000. As of January 1, Job 49 had been completed at a cost of $106,200 and was part of finished goods inventory. There was a $17,700 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 so were also sold on account during the month for $143,960 and 106,440, respectively. The following additional events occurred during the month Purchased additional raw materials of $106,200 on account Incurred factory labor costs of 502,600 of this amount $18,000 related to employer payroll taxes. 3. incurred manufacturing overhead costs as follows: Indirect materials 520,060; Indirect labor $23,600; depreciation expense on equipments:4,100; and various other manufacturing overhead costs on account $18,000 Assigned direct materials and direct labor to jobs as follows v Job No. 50 51 Direct Materials $11,800 46,020 35,400 Direct Labor $5.900 29,500 23,600 52 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of 1991 200, direct labor costs of 5826,000, and direct labor hours of 23,600 for the year Predetermined overhead rate 120, CALCULATON INTERVENTION BACK CES ad Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead coats 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 206200 Accounts Payable 106200 dy (2) Factory Labor 32600 Factory Wages Payable 63720 Employer Payroll Taxes Payable 18880 () Manufacturing Overhead Raw Materials Inventory Factory Labor Accumulated Depreciation Equipment Accounts Payable W LIST OF ACCANTS LALATO PRINTER VERSION BACK ECES and 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 coat sheets as necessary . Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg Gudy Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead ere to search o si CALCULATOR PRINTER VERSION CES nd Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. vedy Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. SHOW UST OF ACCOUNTS CALCULATOR PRINTER VERSION 4 NEXT Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan SHOW LNT OF ACCOUNTS Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount in entered. Do not indent manually.) No. Account Tities and Explanation Debit Credit CALCULATON PRINTER VERSION CHACK NEXT Prepare the journal entries to record the sale of any job(a) during the month. (Credit account tities are automatically indented when amounts entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) (To record cost of jobs) SHOW LIST OF ACCOUNTS What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of Finished Goods Inventory HOW TO ACCOUNTS SHOW LIST OF ACCOUNTS What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory s SHOW LIST OF ACCOUNTS What is the amount of over- or underapplied overhead? Manufacturing Overhead Click if you would like to Show Work for this question: Open Show.Work OW LIST OF ACCOUNTS By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor