Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List oll debit entrles before credit entrles. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, 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 imventory. There was a $15,000 balance in the Raw Materials Imventory account on January 1. 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 sold on account during the month for $122,000 and $158,000, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $90,000 on account. 2. Incurred factory labor costs of $70,000, 3. Incurred manufacturing overhead costs as follows: depreclation expense on equipment $12,000; and various other manufacturing overhead costs on account $16,000. 4. Assigned direct materials and direct labor to jobs as follows. 5. Assigned indirect materials of $17,000 and indirect labor of $20,000. What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory) What does this balance consist of? Finished Goods inventory Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entrles. Credit account titles are outomatically indented when amount is entered. Do not indent manually) Prepare the journal entry to record the completion of any job(s) during the month. (Ust all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)