Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary. Job No. 50 Date Beg Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Direct Materials Direct Labor Manufacturing Overhead $ Job No. 51 Date Direct Materials Direct Labor Jan $ $ $ Cost of completed job Direct materials Direct labor. Manufacturing overhead. Total cost $ $ $ Manufacturing Overhead Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 $ Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ $ $ No. Account Titles and Explanation Debit (1) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 85320 18360 (2) Work in Process Inventory 54000 Manufacturing Overboad Factory Labor 21600 (3) Work in Process Inventory 64800 Manufacturing Overhead Credit 103680 75600 64800 No. Account Titles and Explanation ez (1) Raw Materials Inventory Accounts Payable Debit (2) 22 Factory Labor Payroll Liabilities (3) Manufacturing Overhead Accumulated Depredation Equipment Accounts Payable 97200 Credit 75600 97200 30240 75600 12960 17280 Ivanhoe Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1. 2022. Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21.600. direct labor $12,960, and manufacturing overhead $17.280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200 balance in the Raw Materials Inventory account on January 1. During the month of January, Ivanhoe Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $131,760 and $170,640, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $97.200 on account. 2. Incurred factory labor costs of $75,600. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $12.960: and various other manufacturing overhead costs on account $17,280 4. Assigned direct materials and direct labor to jobs as follows Job No. Direct Materials Direct Labor 50 $10,800 $5,400 51 42.120 27.000 52 32.400 21,600