Open Job cost sheets for jobs 50,51 and 52 enter the jan 1 balances on the job cost sheet for job 50

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 $23,000, direct labor $13,800, and manufacturing overhead $18,400. As of January 1, Job 49 had been completed at a cost of $103,500 and was part of finished goods inventory. There was a $17,250 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 $140,300 and $181,700, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $103,500 on account. 2. Incurred factory labor costs of $80,500. Of this amount $18,400 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $19,550; indirect labor $23,000; depreciation expense on equipment $13,800; and various other manufacturing overhead costs on account $18,400. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials $11,500 44,850 34,500 Direct Labor $5,750 28,750 23,000 (a) Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $966,000, direct labor costs of $805,000, and direct labor hours of 23,000 for the year. Predetermined overhead rate 20% 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 103500 Accounts Payable 103500 (2) Factory Labor 805001 Employer Payroll Taxes Payable IT 18400 Factory Wages Payable 62100 (3) Manufacturing Overhead Raw Materials Inventory 19550 Factory Labor 23000 Accumulated Depreciation-Equipment 13800 Accounts Payable 18400 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 Direct Materials Direct Labor Manufacturing Overhead Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. Click if you would like to Show Work for this question: Open Show Work