Problems: Set A P2.1A (LO1 2 3 4 9. AP Loll Company uses a job order cost system and applies overhead to production on the basis of direct labor costs on January 1, 2020, Job 50 was the only job in process. The costs incurred prior to a follows direct materials 520.000, direct labor $12.000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of $60,000 and was part of finished goods inventory. There was a $15.000 batan Inventory account Prepare entries in a job order cost system and job cost shoots During the month of January Loft 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 $122.000 and $158.000, respectively The following occurred during the month 1. Purchased additional raw materials of 500,000 on account 2. Incurred factory labor costs of $70,000 of this amount $16.000 related to employer payrolles 3. Incurred manufacturing overhead costs as follows: Indirect materials $17.000 indirect labor $20,000, depreciation expense on equipment $12,000, and various other manufacturing overhead costs on account $18,000 4. Asigned direct materials and direct labor to jobs as follows Job No Direct Materials Direct Labor 50 $10,000 $ 5,000 51 39.000 25 000 30.000 20.000 Instructions a. Calculate the pretermined overhead rate for 2020, assuming Lot Company estimates total manufacturing overtid costs of 5840.000 director costs of $700,000, and director hours of 20.000 for the year b. Openjob cost sheets for Jobs 50, 51, and 52. Enter the January 1 bwances on the cost sheet for Job 50 e. 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 d. Prepare the journal entries to record the assignment of direct material direct labor, and manufacturing overhead costs to production in assigning manufacturing overhead costs, use the overhead role calculated in Postal costs as necessary Total the job cost sheets for any completed during the month Prepare the journal entry for entries to record the completion of any jobs) during the month Job 50, 509,000 Job 51, 504000 1. Prepare the journal entry for entries to record the sale of any jobs) during the month a What is the balance in the Finished Goods Inventory account at the end of the month What does this balance coon h. What is the amount of over or under oplied overed P22A101 2 2.1 B. A For the year ended December 31, 2020, the job cost shots of Cinta Company contained the flowing data