No. Account Titles and Explanation (1) Raw Materiab Imventory Accounts Pryshe (2) Faciorylabor 0 Facor Wages Payphle Emulower Peyroil taines Parable (3) Manifacturing Oventiead Acomolated Depreciation- E qupment: Arcounts Pavable Pow Materiak inventocy. Fucrioviabor 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 % List of Accounts 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 occount titles are outomatically indented when amount is entered. Do not indent manually.) Lott Compary 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 tabor $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. Purchased additional raw materials of $100,800 on account. 2. Incurred factory labor costs of $78,400. Of this amount $17,920 related to employer payroll tabes. 3. Incurred manufacturing overhead costs as follows: indirect materials $19,040; indirect labor $22.400; depreciation expense on equipment \$13,440; and various other manufacturing overhead costs on account $17,920. 4. Assigned direct materials and direct labor to jobs as follows. Total cost $ Manufacturing Overhead Cost of completed job Direct materials Direct labor Manufacturing overtiead Totalcost Job Na. 52 Date Direct Materials Jan. 5 Direct Labor $