Problem 20-1A 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 th only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,800, direct labor $14,280, and manufactuni overhead $19,040. As of January 1, Job No. 49 had been completed at a cost of $107,100 and was part of finished goods inventory. There was a 17,850 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 $145,180 and $188,020, respectively. The following additional events occurred during the month. : 435 1002 94940 despeo 1. Purchased additional raw materials of $107,100 on account. 2. Incurred factory labor costs of $83.300. of this amount $19.040 related to employer payroll taxes 3. Incurred manufacturing overhead costs as follows indirect materials s20.230; indirect labor $23,800, depreciation expense on equipment $14,280; and various other manufacturing overhead costs on account $19,040. 4. Assigned direct materials and direct labor to jobs as follows Job No. 50 51 52 sDirect Labor $5,950 29.750 23.800 Direct Materials $11.900 46,410 35.700 Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $999,600, direct labor costs ofS 833.000. and direct labor hours of 23.800 for the year. (Round answer to the nearest iwhole percent, e.g. 25%. Open job cost sheets for 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 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost ob No. 51 Date Jan Direct Materials Direct Labor Manufacturing Overhead Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost