Managerial Accounting... * Problems: Set A P2.1A (LO 1.3.2.4. AP Loft Company uses a border cost system and applies Overhead to production on the basis of direct labor costs on January 1, 2020 Jcb 50 was the only job in process. The costs incurred prior to ja folows dred materials $20,000, direct labor $12,000, and manufacturing overhead 516 000. As of January 1, Job 49 had been completed at a cost of $60,000 and was part of finished goods inventory There was a $15.000 batan Inventory Account Prepares in a job order cost system and job cost sheets During the month of January. Lot Company began producten on Jobs 51 and 52, and completed Jobs 50 and 51. Joost) and 50 were so sold on account ong the month for $122,000 and $158,000, respectively The following 1. Purchased on raw materials of 500,000 on account 2. incurred factory labor costs of 570.000 this amount $16.000 related to employer payroll 3. noured manufacturing overhead costs as fotosIndirect materiais 517.000, indirect be $20,000, depreciation expense on equipment 12.000, and various other manufacturing overhead costs on account $10,000 Assigned direct materials and direct wortos as follows Job No Direct Materials Direct Labor $10,000 $5,000 30,000 25.000 52 0.000 20,000 Instructions Calculate the predetermined overhead rate for 2020, wauming Lot Company estimates total manufacturing overhead costs of 5040000 director costs of 700.000, and director hours of 20.000 for the you b. Open yobcou sheets for 50,51 and 52 Enter the January 1 balances on the cost shoot for Jobs 6. Prepare the mountries to record the purchase of raw materials, the factory labor costs incurred and the manufacturing overhead concurred during the month of Januwy d. Prethe journal entries to record the assigment of direct materia direct labor, and manufacturing overhead costs to production in assigning manufacturing ved costs, use the overhead rate cakulted in a Postal cost as nec .. Total the cost sheets for any completed during the month. Prepare the journal entry for to record the completion of any during the months Job 500.000 ob 51, 504.000 Pre uma entry for entre to record the sale of anys) during the month What is the balonce in the Fred Goods inventory count the end of the money What does this bloce consist of h. What is the amount of over or under overhead P2 2A (LO 1,224. AP For the year ended December 31, 2020, the cost sheets of inte Company contained the following data 50 51