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, 300 No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as tollows: direct materials $20,800, direct labor $12,480, and manufacturing overhead $16,640. As of January 1, Job No. 49 had been completed at a cost of $93,600 and was part of fnnished goods inventory There was a $15,600 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on 3obs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and So were also sold on account during the month for $126,880 and $164,320, respectively. The following adational events occurred during the month L. Purchased additional raw materials of $93,600 on account 2Incurred factory labor costs of $72,800. Of this amount $16,640 related to employer payroll taxes 3. Incurred manufacturing overhead costs as folliows: indirect materials $17,680; indirect labor $20,800; depreciation expense on equipment $12,480, and various other manufacturing overhead costs on account $16,640 4. Assigned direct materials and diredt lebor to jobs as follows Job No. Direct MaterialsDirect Labor 51 52 $10,400 40,560 31,200 $5,200 26,000 20,800 Calculate the predetermined overhead rate for 2017 of S728.000, and dred labor hours of 20,000 for the year (Round answer to the nearest whole percent .. 25% , , assuming Lott Company stimates total manufacturing overhead costs of $873,600, direct tabor costs Open job cost sheets for Jolbs 50, 51, and 52. Enter the January 1 balancss on the job const sheet for ob No. 50 Cost of conmghetod jol O Type here to search up Caladate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $873,600, direct labor costs d $728,000, and direct labor hours of 20,800 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Open yob cost sheets for Jobs 50, 51, and 52. Erter the January i balances on the job cost sheet for Job No. 50. 6640 Direct tabor Tolal cost Type here to search # lp Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. (Credit account tities are automatically indented when amountis entered. De not indent monusy-) No. Account Tises and Exptianation 2) 3) Prepare the journal entries to record the assignment of direct materials, direct labor and matufacturing overhiead costs to production, In assigning De not indent manually,) No. Account Tities and Explanation 1) Credit account tites are automaticaily indented when amount is entered Do not indent maily) O Type here to search Di hp Total the Job cost sheets for any job(s) completed during the month. Prepare the joumal entry to record the completion of any job(s) during the mont (Credit account titles are automatically indented when amount is entered. Do not indent manuality.) Account Titles and Explanation Prepare the joumal entries to record the sale of any joks) during the month (Credit account titles are a entered. Do not indent manually) utomatically indented when amount s No. Account Tites and Explanation Debit Credit To recond cont of jobs) What is the balance in tihe finished Goods Inventory inished Goods evertory wcount at the end of the month Wht ie talance consist or? What is the amount f- or Manidacturing Overbead Click you would lik.e to Show work for this question. Lanu Question Attempts: 0 of 5 wsed AVE FOR L O Type here to search 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, 300 No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as tollows: direct materials $20,800, direct labor $12,480, and manufacturing overhead $16,640. As of January 1, Job No. 49 had been completed at a cost of $93,600 and was part of fnnished goods inventory There was a $15,600 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on 3obs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and So were also sold on account during the month for $126,880 and $164,320, respectively. The following adational events occurred during the month L. Purchased additional raw materials of $93,600 on account 2Incurred factory labor costs of $72,800. Of this amount $16,640 related to employer payroll taxes 3. Incurred manufacturing overhead costs as folliows: indirect materials $17,680; indirect labor $20,800; depreciation expense on equipment $12,480, and various other manufacturing overhead costs on account $16,640 4. Assigned direct materials and diredt lebor to jobs as follows Job No. Direct MaterialsDirect Labor 51 52 $10,400 40,560 31,200 $5,200 26,000 20,800 Calculate the predetermined overhead rate for 2017 of S728.000, and dred labor hours of 20,000 for the year (Round answer to the nearest whole percent .. 25% , , assuming Lott Company stimates total manufacturing overhead costs of $873,600, direct tabor costs Open job cost sheets for Jolbs 50, 51, and 52. Enter the January 1 balancss on the job const sheet for ob No. 50 Cost of conmghetod jol O Type here to search up Caladate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $873,600, direct labor costs d $728,000, and direct labor hours of 20,800 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Open yob cost sheets for Jobs 50, 51, and 52. Erter the January i balances on the job cost sheet for Job No. 50. 6640 Direct tabor Tolal cost Type here to search # lp Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. (Credit account tities are automatically indented when amountis entered. De not indent monusy-) No. Account Tises and Exptianation 2) 3) Prepare the journal entries to record the assignment of direct materials, direct labor and matufacturing overhiead costs to production, In assigning De not indent manually,) No. Account Tities and Explanation 1) Credit account tites are automaticaily indented when amount is entered Do not indent maily) O Type here to search Di hp Total the Job cost sheets for any job(s) completed during the month. Prepare the joumal entry to record the completion of any job(s) during the mont (Credit account titles are automatically indented when amount is entered. Do not indent manuality.) Account Titles and Explanation Prepare the joumal entries to record the sale of any joks) during the month (Credit account titles are a entered. Do not indent manually) utomatically indented when amount s No. Account Tites and Explanation Debit Credit To recond cont of jobs) What is the balance in tihe finished Goods Inventory inished Goods evertory wcount at the end of the month Wht ie talance consist or? What is the amount f- or Manidacturing Overbead Click you would lik.e to Show work for this question. Lanu Question Attempts: 0 of 5 wsed AVE FOR L O Type here to search