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 $21.400, direct labor $12,840, and manufacturing overhead $17,120. As of January 1, Job 49 had been completed at a cost of $96,300 and was part of finished goods inventory. There was a $16,050 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 $130,540 and $169,060, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $96,300 on account. 2. Incurred factory labor costs of $74,900. Of this amount $17,120 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $18,190; indirect labor $21.400; depreciation expense on equipment $12,840: and various other manufacturing overhead costs on account $17,120. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $10,700 $5,350 51 41.730 26,750 52 32.100 21,400 (a) Your answer is correct Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $898,800, direct labor costs of $749,000, and direct labor hours of 21,400 for the year. Predetermined overhead rate 120 (c) eTextbook and Media List of Accounts Attempts: 1 of 5 used 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 indent manually) No. Account Titles and Explanation (1) Raw Materials Inventory Accounts Payable (2) Factory Labora Factory Wages Payable Employer Payroll Taxes Payable (3) Manufacturing Overhead Raw Materials Inventory Factory Labor Accumulated Depreciation-Equipment Accounts Payable Debit 96300 74900 69550 Credit 96300 57780 17120 18190 21400 12640 17120 (d1) 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 (1) Work in Process Inventory 84530 Raw Materials Inventory (2) Work in Process Inventory 53500 Factory Labor (3) (3) Work in Process Inventory 64200 Manufacturing Overhead eTextbook and Media List of Accounts Credit 84530 53500 64200 Attempts: 1 of 5 used Question 10 of 11 Job No. 50 Date Beg Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Jan. Cost of completed job Direct materials - Direct labor Manufacturing overhead Total cost Job No. 52 0.56/1.5 Direct Materials Direct Labor Manufacturing Overhead Direct Materials Direct Labor Manufacturing Overhead $ $ $ $ $ Date Direct Materials Direct Labor Manufacturing Overhead Jan $ $ List of Accounts: