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SU CALCULATOR PUNTER VERSION oblem 15-01A (Part Level Submission) att 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 curred prior to January 1 on this job were as follows: direct materials $22,600, direct labor $13,560, and manufacturing overhead $18,080. As of January 1, Job 49 had been mpleted at a cost of $101,700 and was part of finished goods inventory. There was a $16,950 balance in the Raw Materials Inventory account. uring 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. Purchased additional raw materials of $101.700 on account Incurred factory labor costs of $79,100. of this amount $18,080 related to employer payroll taxes. Incurred manufacturing overhead costs as followst Indirect materials $19.210; Indirect labor $22,600; deprecation expense on equipment $13,560; and various other manufacturing overhead costs on account $18,080, Assigned direct materials and direct labor bs as follows Job No. Direct Materials Direct Labor SO $11,300 $5,650 44,070 28,250 52 33,900 22,600 51 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 Tabor hours of 22,600 for the vear Predetermined overhead rate 120.96 In All Rights Reserved. A Dion of John Wiley & Sons Tent CALCULATOR PINTEREVERSO BAEN Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead casts locurred during the month January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No, Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS ENG Policy 2000-202 John Wiley & Sons AIF Rights Reserved. A Division of John Wilmins