Problem 15-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead S18,720. As of January 1, Job No. 49 had been completed at a cost of S105,300 and was part of finished goods inventory. There was a $17,550 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 $142,740 and $184,860, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $105,300 on account. 2. 3. 4. Incurred factory labor costs of $81,900. Of this amount S18,720 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $19,890; indirect labor S23,400; depreciation expense on equipment $14,040; and various other manufacturing overhead costs on account $18,720. Assigned direct materials and direct labor to jobs as follows. Job No. 50 51 52 Direct Materials Dit Labor $11,700 45,630 35,100 S5,850 29,250 23,400 Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $982,800, direct labor costs of S819,000, and direct labor hours of 23,400 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate SHOW LIST OF ACCOUNTS Open job cost sheets tor Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50 Job No. 50 Date Beg. Jan. Direct Materials Direct Labor Manufacturing Overhead