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 $24.200. direct labor $14,520, and manufacturing overhead $19,360. As of January 1, Job 49 had been completed at a cost of $108,900 and was part of finished goods inventory. There was a $18,150 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 $147,620 and $191,180, respectively. The following additional events occurred during the month 1. 2. 3. Purchased additional raw materials of $108,900 on account. incurred factory labor costs of $84,700. Of this amount $19,360 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,570; indirect labor $24.200; depreciation expense on equipment $14,520; and various other manufacturing overhead costs on account $19,360. Assigned direct materials and direct labor to jobs as follows. 4. Direct Labor Job No. 50 Direct Materials $12.100 47.190 36,300 51 $6,050 30,250 24.200 52 Part 5 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) Debit Credit Account Titles and Explanation Finished Goods Inventory 202070 Work in Process Inventory 20207 Part 6 Your answer is partially correct. Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not Indent manually) Debit Credit No. Account Titles and Explanation (1) Accounts Receivable 338800 Sales Revenue 338800 (To record sale of jobs) (2) Cost of Goods Sold 187797 Finished Goods Inventory 187797 (To record cost of jobs) Part 7 Your answer is partially correct. 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 $ 117773 Job No. 51 e Textbook and Media I let of Accounts Part 8 Your answer is incorrect. What is the amount of over-or underapplied overhead? Manufacturing Overhead $ 2017 Underapplied e Textbook and Media List of Accounts 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 $24.200. direct labor $14,520, and manufacturing overhead $19,360. As of January 1, Job 49 had been completed at a cost of $108,900 and was part of finished goods inventory. There was a $18,150 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 $147,620 and $191,180, respectively. The following additional events occurred during the month 1. 2. 3. Purchased additional raw materials of $108,900 on account. incurred factory labor costs of $84,700. Of this amount $19,360 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,570; indirect labor $24.200; depreciation expense on equipment $14,520; and various other manufacturing overhead costs on account $19,360. Assigned direct materials and direct labor to jobs as follows. 4. Direct Labor Job No. 50 Direct Materials $12.100 47.190 36,300 51 $6,050 30,250 24.200 52 Part 5 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) Debit Credit Account Titles and Explanation Finished Goods Inventory 202070 Work in Process Inventory 20207 Part 6 Your answer is partially correct. Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not Indent manually) Debit Credit No. Account Titles and Explanation (1) Accounts Receivable 338800 Sales Revenue 338800 (To record sale of jobs) (2) Cost of Goods Sold 187797 Finished Goods Inventory 187797 (To record cost of jobs) Part 7 Your answer is partially correct. 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 $ 117773 Job No. 51 e Textbook and Media I let of Accounts Part 8 Your answer is incorrect. What is the amount of over-or underapplied overhead? Manufacturing Overhead $ 2017 Underapplied e Textbook and Media List of Accounts