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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550 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 $142,740 and $184,860, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $105,300 on account. Incurred factory labor costs of $81,900. Of this amount $18,720 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $19,890; indirect labor $23,400; depreciation expense on equipment $14,040; and various other manufacturing overhead costs on account $18,720. Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials Direct Labor 50 $11,700 $5,850 51 45,630 29,250 52 35,100 23,400 Your answer is partially correct. Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 92430 Raw Materials Inventory 92430 (2) Work in Process Inventory 58500 Factory Labor 58500 (3) Work in Process Inventory 78000 Manufacturing Overhead 78000 Toythooland Modi 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 HA + 23,400 $ 14,040 $ 18,720 Jan. 11,700 5,850 35100 $ 19890 $ Cost of completed job Direct materials $ $ 35100 Direct labor 19890 Manufacturing overhead Total cost $ $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 45,630 $ 29,250 $ 16380 45,630 $ 29,250 $ 16380 Cost of completed job Direct materials $ 45,630 Direct labor 29,250 Manufacturing overhead 16380 Total cost $ 91260 Job No.52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 35,100 23,400 $ 58500 eTextbook and Media when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Finished Goods Inventory Work in Process Inventory e Textbook and Media List of Accounts Your answer is partially correct. 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 Debit Credit (1) ( Accounts Receivable Sales Revenue (To record sale of jobs) ITE (2) Cost of Goods Sold Finished Goods Inventory (To record cost of jobs) x Your answer is incorrect. That 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 X Your answer is incorrect. That is the amount of over-or underapplied overhead? Manufacturing Overhead $ e Textbook and Media List of Accounts 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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550 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 $142,740 and $184,860, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $105,300 on account. Incurred factory labor costs of $81,900. Of this amount $18,720 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $19,890; indirect labor $23,400; depreciation expense on equipment $14,040; and various other manufacturing overhead costs on account $18,720. Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials Direct Labor 50 $11,700 $5,850 51 45,630 29,250 52 35,100 23,400 Your answer is partially correct. Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 92430 Raw Materials Inventory 92430 (2) Work in Process Inventory 58500 Factory Labor 58500 (3) Work in Process Inventory 78000 Manufacturing Overhead 78000 Toythooland Modi 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 HA + 23,400 $ 14,040 $ 18,720 Jan. 11,700 5,850 35100 $ 19890 $ Cost of completed job Direct materials $ $ 35100 Direct labor 19890 Manufacturing overhead Total cost $ $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 45,630 $ 29,250 $ 16380 45,630 $ 29,250 $ 16380 Cost of completed job Direct materials $ 45,630 Direct labor 29,250 Manufacturing overhead 16380 Total cost $ 91260 Job No.52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 35,100 23,400 $ 58500 eTextbook and Media when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Finished Goods Inventory Work in Process Inventory e Textbook and Media List of Accounts Your answer is partially correct. 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 Debit Credit (1) ( Accounts Receivable Sales Revenue (To record sale of jobs) ITE (2) Cost of Goods Sold Finished Goods Inventory (To record cost of jobs) x Your answer is incorrect. That 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 X Your answer is incorrect. That is the amount of over-or underapplied overhead? Manufacturing Overhead $ e Textbook and Media List of Accounts