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Problem 2-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only Job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,200, direct labor 13 320, and manufacturing overhead $17,760. As of January 1, Job No. 49 had been completed at a cost of $99,900 and was part of finished goods inventory. There as a $16,650 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 $135,420 and $175,390, respectively. The following additional events occurred during the month . Purchased additional raw materials of $99,900 on account 2. Incurred factory labor costs of $77,700. Of this amount $17,760 related to employer payroll taxes 3. Incurred manufacturing overhead costs as follows: indirect materials $18,870; indirect labor $22,200; depreciation expense on equipment $13,320; and various ather manufacturing overhead costs on account $17,760 4, Assigned direct materials and direct labor to jobs as follows Job No. 50 51 Direct Materials Direct Labor $11,100 43,290 $5,550 27,750 22,200 Calculate theredetermined overhead rate or 2017, assuming Lott Company est 25%.) atas total manufacturing overhead costs o $932 400 direct abor costs a $777 Dno, and direct labor hours o 22,200 ar the year. (Rann nswer to t nearest percent, e 0 120% Open ab cost sheets for lobs 50, 51, and 52. Enter the January 1 balances n the )ab cost sheet for Jab No.50. lob No. 50 Date Beg. Direct Materials Direct Labor Manufacturing Overhead 2220013320 1110 33300 Jan 72 1682 2553 Cost of completed job Direct materials Direct labor 1607 Manufacturing averhead 2553 HY INSTRUCTOR ST Date Direct Materials Direct Labor Manulacturing Overhead 27750 1329027750 Cost of complcted job Direct materials Direct labor 277 Manufacturing overhead Total cost ob No. 52 Date Direct Materials an. Direct Labor Manufacturing Overhead 22200 re the ouma entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs i curred during the month of January. Creditaccount titles are utomatica y i dented when amount is entered. D indent manually.) No. Account Titles and Fxplanation 1) Raw Materials Invantory Dehit Accounts Payable Labor Wages Payable Employer Payroll Taxes Payable Raw Materials Invantory Wages Payable Accumulated Depreciation Buildings Accourts Payable Prapare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing averhead 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 C0) Debit Credit 12) Tatal the o cost sheets for any ob s completed during the month. prepare the aurnal entry to record the comp et o any ob s during the month. (Credit int ti autom t ca y ndented when aadint is entered. Do not ndent manuall ny jobis) d ac es ar Account Titles and Explanation Debit Credit Propare tha journall cntries to record the sala af any jobis) during the month. (Credit a ccount titlos are automatically indonted when amount is entered. Do not indent manually. No. Acount Titles and Explanation Debit Credit [To record sale of jobs) Total the job cost sheets for any job(s) completed during the month. Prepare the journial entry to record the completion of any jobs) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 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.) No. Account Titdles and Explanation C0) Debit Credit Il (To record sale of jobs) 2) IL (To record cost of jobs) What is the balance in the Finished Goods Inventory acoount at the end of the month? What does this balance consist of? Finished Goods Inventory What is the amaunt af over- or underapplind overhead Manufacturing Overhead Click if you would like to Show Work for this question: n shon Work Dy accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Question Attempts: 0 of 2 used SAVE FOR LATER