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 $24,400, direct labor $ 14,640, and manufacturing overhead $ 19,520.As of January 1, Job No. 49 had been completed at a cost of $ 109,800 and was part of finished goods inventory. There was a $ 18,300 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 $1. Jobs 49 and S0 were also sold on account during the month for 148,840 and $192,760, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $ 109,800 on account. 2 Incurred factory labor costs of $ 85,400 Of this amount $ 19520 related to employer payroll axes a. Incurred manufacturing overhead cost as follows: indirect materials $ 20,740 Indirect abor $ 24,400, depreciation expense on equipment $ 14,640, and various other manufacturing overhead costs on account $ 19,520 4. Assigned direct materials and direct labor to jobs as follows Job No. Direct Materials Direct Labor $12,200 $6,100 50 51 52 36,600 30500 36,600 24,400 47.580 costs of $ 854,000 and direct labor hours of 24,400 for the yea Round answer to the nearest whole percent,425%) 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 Cost of completed job Direct labor l Paw 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 for any jobls) completed during the month. Prepare the journal entry to record the completion of any jobls) during the month (Credit account itles are automatically indented when amount is entered. Do not indent manually) unt Titles and Explanation Prepare the journal entries to record the sale of any jobls) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manualy No. Account Titles and Explanation Debit (To record sale of jobs) (To record cost of jobs) 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$ What is the amount of over-or underapplied overhead? Manufacturing Overhead$
