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 $22,200, direct labor $13,320, and manufacturing overhead $17,760. As of January 1, Job 49 had been completed at a cost of $99,900 and was part of finished goods inventory. There was a $16,650 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 $135,420 and $175,380, respectively. The following additional events occurred during the month.

1.		Purchased additional raw materials of $99,900 on account.
2.		Incurred factory labor costs of $77,700. Of this amount $17,760 related to employer payroll taxes.
3.		Incurred manufacturing overhead costs as follows: indirect materials $18,870; indirect labor $22,200; depreciation expense on equipment $13,320; and various other manufacturing overhead costs on account $17,760.
4.		Assigned direct materials and direct labor to jobs as follows.

Job No.		Direct Materials		Direct Labor
50		$11,100		$5,550
51		43,290		27,750
52		33,300		22,200

(b) & (d2)

Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary.

Job No. 50
Date		Direct Materials		Direct Labor		Manufacturing Overhead
Beg.		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Jan.		enter a dollar amount		enter a dollar amount		enter a dollar amount
		$enter a total of the two previous amounts		$enter a total of the two previous amounts		$enter a total of the two previous amounts
Cost of completed job
Direct materials						$enter a dollar amount
Direct labor						enter a dollar amount
Manufacturing overhead						enter a dollar amount
Total cost						$enter a total of the three previous amounts

Job No. 51
Date		Direct Materials		Direct Labor		Manufacturing Overhead
Jan.		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
		$enter a total amount		$enter a total amount		$enter a total amount
Cost of completed job
Direct materials						$enter a dollar amount
Direct labor						enter a dollar amount
Manufacturing overhead						enter a dollar amount
Total cost						$enter a total of the three previous amounts

Job No. 52
Date		Direct Materials		Direct Labor		Manufacturing Overhead
Jan.		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

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