Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs, On January 1,2022 . Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20.000, direct Iabor \$12,000, and manufacturing overhead \$16,000. As of January 1 , Job 49 had been completed at a cost of $90.000 and was part of finished goods inventory. There was a $15,000 balance in the Raw Materials inventory account on January 1. During the month of January, Lott Compamy began production on Jobs 51 and 52 , and completed Jobs 50 and 51 . Jobs 49 and 50 were sold on account during the month for $122.000 and $158.000, respectively. The following additional events occurred during the month. 1. Purchaced additional raw materials of $90,000 on account: 2. Incurred factory labar costs of $70.000 3. Incurred manufacturing overhead costs as followsi depreciation expense on equipment $12,000; and various other manufacturing overhead costs on account $16.000. 4. Assigned direct materials and direct labor to jobs as follows. 5. Assigned indirect materials of $17,000 and indirect labor of $20,000. (a) Your answeris correct. Calculate the predetermined overhead rate for 2022, assuming Lott Company estimates total maryfacturing overhead costs of $840,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year. Predetermined overhead rate Attempts: 1 of 5 used Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit occount tittes are outomatically indented when amount is entered. Do not indent manually) Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overtiead Total cost Total cost Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries, Credit account tities are outomatically indented when amount is entered, Do not indent manually.) Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automotically indented when amount is entered. Do not indent manually.) What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods inventory.) What does this balance consist of? What is the amount of over-or underapplied overhead? Manufacturing Overhead