Lott Company uses a job onder cost system and applies overhead to production on the bails of direct labor costs On January 1. 2000, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows direct materials $23.400. direct labor $14,040, and manufacturing overhead $18,720. As of January 1. Job 49 had been completed at a cost of $105.300 and was part of finished gods inventory. There was a $17.550 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. Jus 49 and 50 were also sold on account during the month for $142.740 and $104,860, respectively. The following additional events occurred during the month I Purchased additional raw material of $305.300 on account 2 Incurred factory labor costs of $51,900 Or this amount $18,720 related to employer payroll tas expense on eipment $14.040 and various other manufacturing overhead costs on account $18,720 Assigned direct materials and direct labor to jobs as flows 1 Incurred manufacturing overhead costs as follows indirect materials $19.890, indirect labor $23.400 depreciation JobNo Direct Materials Director 50 $11.700 $5.850 51 45,630 29.250 52 35.100 23,400 (al Your anger is correct Calculate the predetermined overhead rate for 2020, assuming Lott Company estimaturing overhead costs of $982.800 direct labor costs of 5019000 and direct labor hours of 23.400 for the year Predetermined overhead rate 120