need help with PART C
Problem 15-1A (Part Level Submission) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,600, direct labor $12,360, and manufacturing overhead $16,480. As of January 1, Job No. 49 had been completed at a cost of $92,700 and was part of finished goods inventory. There was a $15,450 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 $125,660 and $162,740, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $92,700 on account. Incurred factory labor costs of $72,100. or this amount $16,480 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: Indirect materials $17,510; indirect labor $20,600; depreciation expense on equipment $12,360; and various other manufacturing overhead costs on account $16,480. Assigned direct materials and direct labor to jobs as follows. Job No. 50 Direct Materials $10,300 40,170 30,900 Direct Labo! $5,150 25,750 20,600 52 Your answer is correct. Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $865,200, direct labor costs of 5721,000, and direct labor hours of 20,600 for the year. (Round answer to the nearest whole percent, e.g. 259.) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the Job cost shee IUI JUU HU. JU Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead 20600 Beg T 16480 12360 Jan. 10300 T 5150 6180 30900 17510 22660 Cost of completed job Direct materials 30900 Direct labor 17510 Manufacturing overhead 22660 Total cost 71070 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 40170 25750 30900 40170 25750 30900 Cost of completed job Direct materials 40170 Direct labor Manufacturing overhead 25750 30900 T Total cost 71070 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 40170 25750 30900 40170 25750 30900 Cost of completed job Direct materials 40170 Direct labor 25750 Manufacturing overhead 30900 Total cost 96820 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 30900 ST 20600 24720 (c) Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and 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 Thies and Explanation Credit (1) Materials inventory Accounts Payable (2) Factory Labor Employer Payroll Taxes Payable Factory Wages Payable 03) Manufacturing Overhead Raw Materials twentory Accumulated Depreciation Equipment Accounts Payable word for this int o work