Overhead rate 120%

4.Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Post all costs to the job cost sheets as necessary. Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month 5.Prepare the journal entry (or entries) to record the sale of any job(s) during the month. 6.What is the balance in the Finished Goods Inventory account at the end of the month

Question 4 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 $24,000, direct labor $14,400, and manufacturing overhead $19,200- January 1, Job 49 had been completed at a cost of $108,000 and was part of finished goods inventory. There was a $18,000 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 $146,400 and $189,600, respectively. The following additional events occurred during the month. 1. 2. Incu Purchased additional raw materials of $108,000 on account. Incurred factory labor costs of $84,000. Of this amount $19,200 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,400; indirect labor $24,000; depreciation expense on equipment $14,400; and various other manufacturing overhead costs on account $19,200. Assigned direct materials and direct labor to jobs as follows. 3. 4. Job No. Direct Materials Direct Labor $12,000 46,800 36,000 $6,000 30,000 24,000 (b) & (d2) 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 sh 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. SHOW LIST OF ACCOUNTS