Problem 16-1A (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, 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 $ 21,600, direct labor $ 12,960, and manufacturing overhead 17,280. As of January 1, Job No. 49 had been completed at a cost of $ 97,200 and was part of finished goods inventory. There was a $16,200 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 $ 131,760 and $ 170,640, respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $97,200 on account. 2. Incurred factory labor costs of s 75,600. Of this amount 17,280 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials s 18,360 indirect labor 21,600 depreciation expense on equipment $ 12,960 and various other manufacturing overhead costs on account 17,280 Assigned direct materials and direct labor to jobs as follows 4. Job No Direct Materials Direct Labor 50 51 52 $10,800 42,120 32,400 5,400 27,000 21,600