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CALCULATOR Problem 15-01A (Part Level Submission) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs, on January 1, 2020, 50 was the only job in process, the cost incurred prior to January 1 on this job were as follows direct materials $22,600, direct labor $13,560, and manufacturing overhead $18.00. As of Jacary 1, 10649 had been completed at a cost of $101,700 and was part of finished goods Inventory. There was a $16,950 ble in the law 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 $137,860 and $178,540, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $101.700 on account 2. Incurred factory labor costs of $79,100. of this amount $10,000 related to employer payroll 3. Incurred manufacturing overhead costs as follows Indirect materials $19.210 Indirect labor 122.600 deprecation expense on equipment 112, and various other manufacturing overhead costs on account $18,080. 4. Assigned direct materials and direct labor to jobs as follows Job No. 50 51 Direct Materials $11.300 44,070 33,900 Direct Labor $5,650 28,250 22,600 52 Z your answer has been saved and sent for grading. See Gradebook for score details Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $949,200, direct labor costs of $791.000, and direct labor hours of 22,600 for the year. Predetermined overhead rate 120 Veran 4.242 Level (c) Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the mandring overheaded during the month January (Credit account titres are automatically indented when amount is entend. Do not inden many No. Account Titles and Explanation Debit Credit (1) 2) (3) Cudy SHOW LIST OF ACCOUNTS