Lott Company uses a job order cost system and applies cverhead to production on the basis of direct labor costs. On January 1,2020 , Job 50 was the anly job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,800, direct lahor $13,080 and manufacturing overhead $17,440. As of January 1 , Joh 49 had been completed at a cost of $98,100 and was part of finished goads irventory. There was a $16,350 balance in the Ravi 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 al so sold on account during the month for $132,900 and $172,220, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $98,100 on account. 2. Incurred factory labor costs of $76.300. Of this amount $17,440 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materia $18,530; indirect labor $21,800; depreciation expense on equipment $13,080; and various other manufacturing overhead costs on account $17,440. 4. Assigned direct materials and direct labor to jobs as follows. Calculate the predetermined cverhead rate for 2020 , assuming Lott Compary estimates total manufacturing overhead costs of $915,600, dirert lahor costs of $763,000, and direct labor hours of 21,800 for the year- Predetermined overhead rate Prepare the joumal entries to record {1} the purchase of raw materials, {2} the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 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.) whananvoreiserbert Donst hisecrmanate. ansime hontered Danstivsher manaskl strotzacok ard Misuia Lstof iocourts Lott Company uses a job order cost system and applies cverhead to production on the basis of direct labor costs. On January 1,2020 , Job 50 was the anly job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,800, direct lahor $13,080 and manufacturing overhead $17,440. As of January 1 , Joh 49 had been completed at a cost of $98,100 and was part of finished goads irventory. There was a $16,350 balance in the Ravi 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 al so sold on account during the month for $132,900 and $172,220, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $98,100 on account. 2. Incurred factory labor costs of $76.300. Of this amount $17,440 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materia $18,530; indirect labor $21,800; depreciation expense on equipment $13,080; and various other manufacturing overhead costs on account $17,440. 4. Assigned direct materials and direct labor to jobs as follows. Calculate the predetermined cverhead rate for 2020 , assuming Lott Compary estimates total manufacturing overhead costs of $915,600, dirert lahor costs of $763,000, and direct labor hours of 21,800 for the year- Predetermined overhead rate Prepare the joumal entries to record {1} the purchase of raw materials, {2} the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 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.) whananvoreiserbert Donst hisecrmanate. ansime hontered Danstivsher manaskl strotzacok ard Misuia Lstof iocourts