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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 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 $141,520 and $183,280, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $104,400 on account. 2. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $19,720; indirect labor $23,200; depreciation expense on equipment $13,920; and various other manufacturing overhead costs on account $18,560. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $11,600 $5,800 51 45,240 29,000 52 34,800 23,200 Journal Entries Date Account Title and Explaination Post. Ref. $ Debit Credit $ (1) Raw Materials Inventory Accounts Payable $ 104,400.00 $ 104,400.00 (To record purchase of Raw Materials) (2) Factory Labor Cost Factory Labor Payable Payroll Taxes Payable (3) (To record Factory labor cost) Manufacturing Overhead Raw Materials Inventory Factory Labor Cost Accumulated Depreciation - Equipment Accounts Payable (To record Manufacturing Overhead Cost incurred) $ 81,200.00 $ 62,640.00 $ 18,560.00 $ 75,400.00 SSSS $ 19,720.00 $ 23,200.00 $ 13,920.00 $ 18,560.00 Date Account Title and Explaination (1) Work In Process Inventory Raw Materials Inventory Journal Entries Post. Debit Ref. $ $ 91,640 $ Credit $ 91,640 (To record assignment of direct materials) (2) Work In Process Inventory $ 58,000 Factory Labor Cost $ 58,000 (To record assignment of Direct Labor Cost) Work In Process Inventory $ 77,333 (3) $18560/$13920 x $58000 Manufacturing Overhead SA $ 77,333 (To record application of Manufacturing overhead cost) Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Debit Credit (2) (To record sale 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 eTextbook and Media List of Accounts $ What is the amount of over- or underapplied overhead? Manufacturing Overhead $