ignment 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 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 No. 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. 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. 1. 2. 3. Incurred manufacturing overhead costs as follows: ndirect materials s20,570; indirect labor $24,200; depreciation expense on equipment $14,520 and various other manufacturing overhead costs on account $19,360. 4. Assigned direct materials and direct labor to jobs as follows Job No Direct Materials Direct Labor 50 51 52 $12,100 47,190 36,300 $6,050 30,250 24,200 rate for 2017, assuming Lott Company estimates total manufacturing d costs of $1,016,400, direct labor e.g. 25%.) Calculate the pred d overhead costs of $847,000, and direct labor hours of 24,200 for the year. (Round answer to the