Lott Company uses a job order cost system and applies overhead to production on the basis of direct 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 $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was a $15,300 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 $124.440 and $161,160, respectively. The following additional events occurred during the month 1. 2 3. Purchased additional raw materials of $91,800 on account Incurred factory labor costs of $71,400. Of this amount $16,320 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: Indirect materials $17,340, indirect labor $20,400; depreciation expense on equipment $12,240; and various other manufacturing overhead costs on account $16,320 Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials Direct Labor $5,100 50 $10,200 51 39.780 25,500 52 30,600 20,400 Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) 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 Debit Credit (1) Raw Materials inventory 91800 Accounts Payable 91800 (2) Factory Labor 71400 55080 Factory Wages Payable 16320 Employer Payroll Taxos Payable 66300 (3) Manufacturing Overhead 17340 Raw Materials inventory 20400 Factory Labor 1220 Accumulated Depreciation Equipment 16320 Accounts Payable Your answer is correct repare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhea osts to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account ti are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 80580 Raw Materials Inventory B0580 (2) Work in Process inventory 51000 51000 Factory Labor (3) Work in Process Inventory 61200 Manufacturing Overhead 61200 Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ 20400 $ 12240 $ 16320 Jan 10200 5100 6120 30600 17340 $ 22440 Cost of completed job Direct materials 30600 Direct labor 17340 22440 Manufacturing overhead 70380 Total cost Date Direct Materials Direct Labor Manufacturing Overhead Jan. 39780 $ 25500 $ 30600 $ 39780 $ 25500 $ 30600 Cost of completed job Direct materials 39780 Direct labor 25500 30600 Manufacturing overhead Total cost 95880 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 30000 $ 20400 $ 2-1480 e Textbook and Media (e) Prepare the journal entry to record the completion of any job(s) during the month (Credit occount titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (f) The parts of this question must be completed in order. This part will be available when you complete the part above