I need help! The red ones are incorrect.

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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job No. 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 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 $141,520 and $183,280 respectively. The following additional events occurred during the month. Purchased additional raw materials of $104,400 on account. 1. 2. 3. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $19,720; indirect labor $23,200; depreciation expense on equipment $13,920; and various other manufacturing overhead costs on account $18,560 4. Assigned direct materials and direct labor to jobs as follows. Job No 50 51 52 Direct Materials Direct Labor $11,600 45,240 34,800 $5,800 29,000 23,200 Your answer is correct. Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $974,400, direct labor costs of $812,000, and direct labor hours of 23,200 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50 Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg 23200 13920 18560 Jan. 11600 5800 6960 34800 19720 25520 Cost of completed job Direct materials 34800 Direct labor 19720 Manufacturing overhead 25520 Total cost 80040 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 45240 29000 34800 45240 29000 2784 Cost of completed job Direct materials 45240 Direct materials 45240 Direct labor 29000 34800 Total cost 109040 Job No. 52 Date Direct Materials lar Direct Labor Manufacturing Overhead Jan 34800 23200 27840 Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and 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 Debit Credit 104400 Supplies 104400 (2) Factory Labor 81200 Cash 62640 Employer Payroll Taxes Payable 18560 (3) Accounts Receivable 19720 Accounts Receivable 23200 Accumulated Depreciation-Equipment 13920 Accounts Receivable 18560 Cash 75400 Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit accunt titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit (1) Work in Process Inventory 80040 Manufacturing Overhead 80040 (2) Work in Process Inventory 109040 Manufacturing Overhead 109040 (3) Work in Process Inventory 85840 Manufacturing Overhead 85840 Total the job cost sheets for any job(s) completed during the month. 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 Finished Goods Inventory Debit Credit 104400 Work in Process Inventory 104400 SHOW LIST OF ACCOUNTS LINK TO TEKT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM 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 entered. Do not indent manually.) No. Account Titles and Explanation (1) Accounts Receivable Debit Credit 141520 Sales Revenue 14520 To record sale of jobs) (2) Service Contracts in Process 104400 Finished Goods Inventory 104400 To record cost of jobs) 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 189080Jobs 51 and 52