Prepare the journal entries to record

Club Form Alignment Ninh By 20 Problem 15 ore Swiss) La Coruna de costen and speed to protection on the basis of direct later. On laury 1, 2020, 50 wattery incroce. The concurred prior to Jawy interesowat 0,005, de 312,000, and rating overheat is of way 1, had completed at a cost of $20,000 worst of story. There was a $15,000 balance in the water very During the oth of Janual Crow be production on 51 and 52, and completed lebo s and St. Jobs 49 and 50 were also an account during the month for $132.000 and 15.000 reset the long de vente ocurred dung the more 1 Purchases and waters of 100 count 2. redactory labor costs of 370,000 or amount 516.00 led to replayer parrillanes uredning ved as follows indirect material 17.00 hores 20.000 deprecated on 12.000 and another managed 4 Adred and director to jobs Job No Direct Materials Direct Labor 510.000 $5.000 sonded overhead rate for 2030, shot Compares the total acturing what costs of $40,000, direct costs of $700,000, and direct labor hours of 30,000 for the year Problem 15-01A (Part Level Submission) 120 $340,000+ $700,000 direct labor - 10 of direct labor costs 1940030 - $700.00D 120L ) Prepare the countries to record the purchase of materials (2) the factory labor contre, 13 e manufacturing overhead cos incurred during the month of a Car account tits are auto indented what is wel. Do not in any Na Morities and in Credit (1) an 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, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000 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 $122.000 and $158,000, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $90,000 on account. Incurred factory labor costs of $70,000. of this amount $16,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $17,000; indirect labor $20,000; depreciation expense on equipment $12,000; and various other manufacturing overhead costs on account $ 16,000. Assigned direct materials and direct labor to jobs as follows. 4. Job No. 50 Direct Materials $10,000 39,000 30,000 Direct Labor $5,000 25,000 20,000 51 52 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $840,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year. Predetermined overhead rate 120 Problem 15-01A (Part Level Submission) $840,000 = $700,000 direct labor costs = 120% of direct labor costs ($840,000 - $700,000 = 120% of DL cost) Prepare the journal 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 Ja account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3)