ent CALCULATOR FULL SCREEN PRINTER VERSION BACK 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, 1 on this job were as follows: direct materials $24,000, direct labor $14,400, and manufacturing overhead $19,200. As of January 1, Job 49 had been completed at a cost of $108,000 and was part of 50 was the only job in process. The costs incurred prior to lanu finished goods inventory. There was a $10,000 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 $146,400 and $189,600, respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $100,000 on account. 2. incurred factory labor costs of $84,000. Of this amount $19,200 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $20,400; indirect labor $24,000; depreciation expense on equipment $14,400; and various other manufacturing overhead costs on account $19,200. Assigned direct materials and direct labor to jobs as follows. Job Ne Direct Materials Direct Labor 50 $12,000 $6,000 51 46,800 30,000 52 36,000 24,000 Your answer is correct Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $1.000.000, direct labor costs of $840,000, and direct labor hours of 24,000 for the year Predetermined overhead rate 120 Your answer is partially correct. Try again. 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 Study Direct Materials Direct Labor Beg Manufacturing Overhead 19200 24000 14400 Jan. 12000 6000 36000 20400 Cost of completed job Direct materials 36000 Direct labor 20400 Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead CA Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically indented when a Account Titles and Explanation Debit Credit . Finished Goods Inventory Work in Process Inventory y SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is enter No. Account Titles and Explanation Debit Credit (1) Accounts Receivable Sales Revenue (To record sale of jobs) (2) Cost of Goods Sold Finished Goods Inventory tice Assignment Gradebook ORION Downloadable eTextbook ment CALC x Your answer is incorrect. Try again. 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 SHOW LIST OF ACCOUNTS 6 x Your answer is incorrect. Try again. 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 SHOW LIST OF ACCOUNTS