Problem 15-1A (Part Level Submission) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,600, January 1, Job No. 49 had been completed at a cost of $101,70 Inventory account. On January 1, 2017, Job No. 50 was the only job in direct labor $13,560, and manufacturing overhead $18,080. As of 0 and was part of finished goods inventory. There was a $16,950 balance in the Raw Materials 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. 1. Purchased additional raw materials of $101,700 on account 2. Incurred factory labor costs of $79,100. Of this amount $18,080 related to employer payroll taxes. overhead costs as follows: indirect materials $19,210; indirect labor $22,600, depreciation expense on equipment $13,560, and various other manufacturing overhead costs on account $18,080 Assigned direct materials and direct labor to jobs as follows. 4. Job No Direct Materials Direct Labor s0 51 52 11,300 44,070 33,900 $5,650 28,250 22,600