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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

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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 So was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials 520.400 direct labor $12.240, and manufacturing overhead $16.320. As of January 1. Job 49 had been completed at a cost of $91.800 and was part of finished goods inventory. There was a $15,300 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 $124.440 and $161.160, respectively. The following additional events occurred during the month 1 Purchased additional materials of 591 800 on account incurred factory labor costs of $71.400 of this amount $16.320 related to employer payroll taxes Inced matterheads follows indirect materials 517 direct labor 520.400 depreciation Director 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 So was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials 520.400 direct labor $12.240, and manufacturing overhead $16.320. As of January 1. Job 49 had been completed at a cost of $91.800 and was part of finished goods inventory. There was a $15,300 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 $124.440 and $161.160, respectively. The following additional events occurred during the month 1 Purchased additional materials of 591 800 on account incurred factory labor costs of $71.400 of this amount $16.320 related to employer payroll taxes Inced matterheads follows indirect materials 517 direct labor 520.400 depreciation Director

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