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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550 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 $142,740 and $184,860, respectively. The following additional events occurred during the month. 1 2. 3. Purchased additional raw materials of $105,300 on account. incurred factory labor costs of $81.900. Of this amount $18,720 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: Indirect materials $19,890 indirect labor $23,400, depreciation expense on equipment $14,040; and various other manufacturing overhead costs on account $18,720. Assigned direct materials and direct labor to jobs as follows. 4. Job No. 50 51 52 Direct Materials $11,700 45,630 35.100 Direct Labor $5,850 29.250 23.400 Your answer is partially correct 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 Finished Goods Inventory 80730 Manufacturing Overhead 109980 Question 1 of 4 14.06/25 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $982,800, direct labor costs of $819,000, and direct labor hours of 23,400 for the year, Predetermined overhead rate 120 % e Textbook and Media List of Accounts Attempts: unlimited 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 Debit Credit Raw Materials inventory (1) 105300 Accounts Payable 105.00 Question 1 of 4 14.06/25 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 Credit Raw Materials Inventory Accounts Payable 105300 Debit (1) 105300 (2) Factory Labor 81900 Factory Wages Payable 63180 Employer Payroll Taxes Payable 18720 (3) Manufacturing Overhead 76050 Raw Materials Inventory 19890 Factory Labor 23400 Accumulated Depreciation Equipment 14040 Accounts Payable 18720 Textbook and Media Hey Plus Homework - Chapter Two - Spring 2021 Question 1 of 4 14.06/25 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 tites are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 92430 Raw Materials Inventory 92430 (2) Work in Process Inventory 58500 Factory Labor 58500 (3) Work in Process Inventory 70200 Manufacturing Overhead 70200 eTextbook and Media Assistance Used List of Accounts Attempts: unlimited Question 1 of 4 14.06/25 E Your answer is correct 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 Beg $ 23400 $ Manufacturing Overhead $ 18720 14040 Jan. 11700 5850 7020 35100 $ 19890 $ 25740 Cost of completed job Direct materials 35100 Direct labor 19890 Manufacturing overhead 25740 Total cost $ 80730 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Question 1 of 4 14.06/25 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 45630 $ 29250 $ 35100 s 45630 $ 29250 35100 Cost of completed job Direct materials 45630 Direct labor 29250 Manufacturing overhead 35100 Total cost 109980 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead $ 28080 Jan $ 35100 21400 e Textbook and Media List of Accounts