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 $24,600, direct labor $14,760, and manufacturing overhead $19,680. As of January 1, Job 49 had been completed at a cost of $110,700 and was part of finished goods inventory. There was a $18,450 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 $150,060 and $194,340, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $110,700 on account Incurred factory labor costs of $86,100. Of this amount $19,680 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,910; indirect labor $24,600; depreciation expense on equipment $14,760; and various other manufacturing overhead costs on account $19,680. Assigned direct materials and direct labor to jobs as follows. 4. Job No. 50 51 Direct Materials $12,300 47,970 36,900 Direct Labor $6,150 30,750 24,600 52 What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory $ Save for Later Attempts: 0 of 1 used Submit