p20-1a help please!!

E*ERCISES: SET B AND CHALLENGE EXERCISES Problems: Set A student Companion site to and choose ercises: Set B and Challenge Exercises. PROBLEMS: SET A Lott company labor and overhead l. Job 49 had (to 1.2. completed at a cost of and was of finished goods was a puring the month of Janua1N Lott Company began completed Jobs 50 and 51. Jobs 49 and 50 the for s, 22,000 and S 158,000, The additional l. putvhased additional raw materials of S90,000 on account. 2. factory labor costs of $70,000. Of this amount $16,000 related to employer 3. Incurred manufacturing overhead costs as follows: indirect materials $17.000, indirect labor $20,000, depreciation expense on equipment $12,000. and various other manu- facturing overhead costs on account S 16,000. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 51 52 Instructions $10,000 39,000 30,000 s 5,000 25 ,ooo 20 ,ooo (a) Calculate the predetermined overhead rate for 2017, assuming Lott Company esti- mates total manufacturing overhead costs of $840,000, direct labor costs of S 700,000, and direct labor hours of 20,000 for the year. (b) Open job cost sheets for Jobs 50, 51, and 52. Enter the January I balances on the job cost sheet for Job 50. (c) Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incuned during the month of January. (d) Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing over- head costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets (e) Total the job cost sheets for any job(s) completed during the month. Prepare the jour- (e) job 50, nal entry (or entries) to record the completion of any job(s) during the month. (f) Prepare the journal entry (or entries) to recordthe sale of any job(s) during the month. (g) What is the balance in the Finished Goods account at the end of the month? What does this balance consist of? (h) What is the amount of over- or underapplied overhead? P20-2A For the year ended December 31, 2017, the job cost sheets of Cinta Company Prepare contained the following data. Total (to 1.2. Direct Manufacturing Costs Overhead Direct erials I-abor S 77 ,800 E*ERCISES: SET B AND CHALLENGE EXERCISES Problems: Set A student Companion site to and choose ercises: Set B and Challenge Exercises. PROBLEMS: SET A Lott company labor and overhead l. Job 49 had (to 1.2. completed at a cost of and was of finished goods was a puring the month of Janua1N Lott Company began completed Jobs 50 and 51. Jobs 49 and 50 the for s, 22,000 and S 158,000, The additional l. putvhased additional raw materials of S90,000 on account. 2. factory labor costs of $70,000. Of this amount $16,000 related to employer 3. Incurred manufacturing overhead costs as follows: indirect materials $17.000, indirect labor $20,000, depreciation expense on equipment $12,000. and various other manu- facturing overhead costs on account S 16,000. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 51 52 Instructions $10,000 39,000 30,000 s 5,000 25 ,ooo 20 ,ooo (a) Calculate the predetermined overhead rate for 2017, assuming Lott Company esti- mates total manufacturing overhead costs of $840,000, direct labor costs of S 700,000, and direct labor hours of 20,000 for the year. (b) Open job cost sheets for Jobs 50, 51, and 52. Enter the January I balances on the job cost sheet for Job 50. (c) Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incuned during the month of January. (d) Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing over- head costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets (e) Total the job cost sheets for any job(s) completed during the month. Prepare the jour- (e) job 50, nal entry (or entries) to record the completion of any job(s) during the month. (f) Prepare the journal entry (or entries) to recordthe sale of any job(s) during the month. (g) What is the balance in the Finished Goods account at the end of the month? What does this balance consist of? (h) What is the amount of over- or underapplied overhead? P20-2A For the year ended December 31, 2017, the job cost sheets of Cinta Company Prepare contained the following data. Total (to 1.2. Direct Manufacturing Costs Overhead Direct erials I-abor S 77 ,800