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Lott Company uses a job order cost wystem 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 $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, 2ab 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was a $15,300 balance in the Raw Materials inventory account During the month of January, Latt 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 $1.24,440 and $161.160, respectively. The following additional events occurred during the month Purchased additional raw materials of $91.800 on account 2. Incurred factory labor costs of $71,400 of this amount $16.320 related to employer payroll taxes Incurred manufacturing overhead costs as follows indirect materials $17,340; Indirect labor $20,400; depreciation expense on equipment $12,240, and various other manufacturing overhead costs on account $16,320 Assigned direct materials and direct labor to jobs as follows. 1. Job No. 50 Direct Materials $10,200 39,780 30,600 Direct Labor $5,100 25,500 20,400 51 52 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $854,800, direct labor costs of $714,000, and direct later hours of 20,400 for the year Predetermined overhead rate SHOW LIST OF MOUNTS Prepare the tournal 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 sites are Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) th automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) mar in (a). (Credit account tities are automatically indented when amount is entered. Do not indent No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg. Jan. Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Postal 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. 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 Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are a No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) (To record cost of jobs) SHOW LIST OF ACCOUNTS (To record cost of jobs) SHOW LIST OF ACCOUNTS What is the balance in the Finished Goods Inventory account at the end of the month? What does this bala Finished Goods Inventory $ SHOW LIST OF ACCOUNTS What is the amount of over- or underapplied overhead? Manufacturing Overhead Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS
