Lott Company uses a job yrder cost system and applies overhead to production on the basis of direct labor-osts. 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 labor $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 Company 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. Purchased additional raw materials of $90.000 on account. 2. Incurred factory labor costs of $70,000. 3. Incurred manufacturing overhead costs as follows: depreciation expenseron 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. Calculate the predetermined overhead rate for 2022, assuming Lott Company estimates total manufacturing overhead costs of $840,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year. Predetermined overhead rate \%. Prepare the journal 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. (List all debit entries before credit entries. Credit occount title: are automatically indented wh 7 amount is entered. Do not indent manually.) Prepare tne 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 account titles are automatically indented when amount is entered. Do not indent manually.) Open job cost sheets for Jobs 50.51, and 52. Entar the January 1 balances on the job cost sheet for Job 50. Post IIl costs to the job cost sheets as necessary. JobNo. 51 Date Jan. JarectLaborDirectMaterials Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials _ Direct Labor _ Manufacturing Overhead Jan. $ Prepare the journal entry to record the completion of any job(s) during the month. (list all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually). eTextbook and Media Attempts: 0 of 5 used (f) Prepare the journal entries to record the sale of any job(s) during the month. (Last all debit entries before credit entries Credit occount titles are automatically indented when amount is entered. Do not indent manually) epare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account les are automatically 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 Coods Inventoryd What does this balance consist of? Finished Goods Inventory eTextbook and Media Attempts: 0 of 5 used (h) What is the amount of oves-or underapplied over head
