Lott Cum any uses aob urder cost systern and applies overhead to production on the basis o direct labor cuts. On January 1 2017, Job No 50 as the only JUO n process. The costs incurred pr r o January 1 on his job Were as follows: diet materials $22 400, direct labur 13,440 and manufacturing overhead $17,920 As of January 1, Job No. 49 had been cumpleted at cust uf $100,800 and was part uffinished ouds nventory. There was $16,900 balance in the Raw Materials Inventory account. During the month of1anuary, Lott Company bngan production an labs 51 and 52, and completed lobs 50 and 51. Jobs 49 and 50 were alsp sald on account during the month or 136,640 and $17.9ba, respectively The f llawing additional events occurr d dunng the mar h 1. Purchased additional raw materials of $100,800 on account. 2. Incurred factory labor custs of $78,400. Of this arnuunt17,920 related tu employer payroll taxes. 3. Incured manufacturing averhead costs as fallows: indirect materials $19,040; indirect lahor $22,40D; depreciation expense a equipment $13,440; and various ather manufacturing overhead casts cn account $17,920. 4. Assigned direct materials and direct labor to jobs as follows. Job No Direct Materials Direct Labor $5,G00 $11,200 43,680 33,600 51 22,400 Calculate the predetermined n erhead rate 25%.) 2017, assuming ott Company estimates t ta manufacturing overhead costs af S 40,8D direct abar cnsts of $784 , and cirect ahor hours at 22,400 fr the y ar. Rarn answer a th" ne n st w d e percen o. Predetermined overhead rata Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Job No. 50 Date lky, Direct Materials Direct Labor Manufacturing Overhead Jan Cost of completed jolb Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan Prepare tha journal entrics to record the purchase af raw materias, the factory labor costs incurred, and the manufacturing oerhead casts incurred during the month af January. (Credit account titles are automatically indented when amaount is entered. Do not Indent manually) No. Acount Titles and Explanation Drbit when ammount is entered. Do not indent manually.) No. Account Titles and Explanation C) Debit Credit 3) VIDEOI STMTLAR PROBLE Total the ]ob cost sheets or any ob s oompleted during the month repare the Journal entry to record the completion o any o s during the month ret it dccount titles are dutomatica y indertec/ en dreunt rs entered. Do nol ent mdnudl Account Titles and Explanation Debit Credit