Current Attempt in Progress

Ivanhoe Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January $1,$

$2022,$ Job $50$ was the only job in process. The costs incurred prior to January $1$ on this job were as follows: direct materials $$17,200,$

direct labor $$10,320,$ and manufacturing overhead $$13,760.$ As of January $1,$ Job $49$ had been completed at a cost of $$77,400$ and was

part of finished goods inventory. There was a $$12,900$ balance in the Raw Materials Inventory account on January $1.$

During the month of January, Ivanhoe Company began production on Jobs $51$ and $52,$ and completed Jobs $50$ and $51.$ Jobs $49$ and $50$

were sold on account during the month for $$104,920$ and $$135,880,$ respectively. The following additional events occurred during the

month.

Purchased additional raw materials of $$77,400$ on account.

Incurred factory labor costs of $$60,200.$

Incurred manufacturing overhead costs as follows: depreciation expense on equipment $$10,320$; and various other

manufacturing overhead costs on account $$13,760.$

Assigned direct materials and direct labor to jobs as follows.

Assigned indirect materials of $$14,620$ and indirect labor of $$17,200.$