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 $5,550 $11,100 43,290 27,750 22,200 33,300 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 $ 17760 Beg. 22200 $ 13320 Jan. 11100 5550 6600 33300 $ 18870 24200 Cost of completed job Direct materials 33300 18870 Direct labor 24200 Manufacturing overhead 76370 Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 43290 27750 $ $ 43290 33300 33300 27750 $ Cost of completed job Direct materials 43290 Direct labor 27750 Manufacturing overhead 33300 Total cost 104340 Job No.52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 33300 22200 26400