Lott Company uses a jab order coat system and applies ovarhead to production on the basis of diract 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. AG of January 1, Job 49 had been completed at a cost of $109,900 and was part of finished goods invantory. There was a $18,150 balance in the Raw Materials Inwentory account. During the month of January, Lott Company bean production on Jobs 51 and 52 , and completed Jobs 50 and 51 Jobs 49 and 50 ware also sold an account during the manth for $147,620 and $191,190, respectively. The following additional evants occurred during the manth. 1. Purchased additional raw matarials of $108,900 on account. 2. Incurred factory labor costs of $84,700. Of this amaunt $19,360 ralated to emplayar payrall taves. 3. Incurred manufacturin q overhead costs as follows: indirect materials $20,570; indirect labor $24,200; depraciation eqpensa on equipment $14,520; and various other manufacturing overhead coats on account $19,360. 4. Assigned direct materials and direct labor to jobe as follows. Calculate the predetermined ovarhead rate for 2020 , assuming Latt Company estimates total manufacturing overhead costs of $1,016,400, diract labor costs of $847,000, and direct labor hours of 24,200 for the year. Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing ovarhead casts incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) eTextbook and Medla Prepare the journal entries to racord the assignment of [1] direct materials, [2] direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing ovarhead costs, use the overhead rate cal eulated in [a].-(Credit account titles are outomatically indented when amount is entered. Do not indent manuallk.) Open jab coat sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the jab cost sheet for Job 50 . Post all costs to the job coat sheets as necessary. Prepare the journal entry to record the completion of any job(s) during the manth. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) eTextbook and Media Prepare the journal entries to record the sale of any job[s) durina the manth. (Credit account titles are automatically indented when amount is entered. Do not indent manually. No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) (To record cast of jobs) What is the balance in the Finished Goods lnventory account at the end of the month? What does this balance consist of? Finishad Goods Invantory \& eTextbook and Medla Llst of Accounts What is the amount of over- or undarapplied overhead? Manufacturinz Overhaed $