Problem 16-1A 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 Exercise Exercise 16-2(Part 8nerExercise16-10 1 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,000, direct labor $13,200 , and manufacturing overhead $ 17,600. As of January 1, Job No. 49 had been completed at a cost of inventory. There was a 16,500 balance in the Raw Materials Inventory account. Review Score Review Results by Study Objective 99,000 and was part of finished goods Mobile Site 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 $134,200 and $173,800, respectively The following additional events occurred during the month . Purchased additional raw materials of $99,000 on account Incurred factory labor costs of $77,000. Of this amount 17,600 related to employer payroll taxes