need help with blank chart please
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 $22.400, direct labor $13,440, and manufacturing overhead $17.920. As of January 1, Job 49 had been completed at a cost of $100,800 and was part of finished goods inventory. There was a $16,800 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 $136,640 and $176.960, respectively. The following additional events occurred during the month 1 2 3. Purchased additional raw materials of $100,800 on account. Incurred factory labor costs of $78,400. Of this amount $17,920 related to employer payroll times. Incurred manufacturing overhead costs as follows: indirect materias $19.040; indirect labor $22,400; depreciation expense on equipment $13.440, and various other manufacturing overhead costs on account $17.920, Assigned direct materials and direct labor to jobs as follows. 4 Job No. 50 51 52 Direct Materials $11.200 43,680 33,600 Direct Labor $5,000 28,000 22.400 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $940,800, direct labor costs of $784,000, and direct labor hours of 22.400 for the year. Predetermined overhead rate 120 %6 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. (Credit account titles are automatically indented when amount is entered. Do not Indent manually) No. Account Titles and explanation Debit Credit (1) Raw Materials Inventory 100000 Accounts Payable 100800 (2) Factory Labor 78400 Factory Wages Payable 80480 Employer Payroll Taxes Payable 17920 (3) Manufacturing Overhead 72800 Accounts Payable 17920 Accumulated Depreciation Equipment 13440 Raw Materials inventory 19000 Factory Labor 22.00 Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically Indented when amount is entered. Do not Indent manually No. Account Titles and Explanation Debit Credit (1) (3)
