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Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January $1,2027,$ Job $50$ was the only job in process. The costs incurred prior to January $1$ on this job were as follows: direct materials $$20,000,$ direct labor $$12,000,$ and manufacturing overhead $$16,000.$ As of January $1,$ Job $49$ had been completed at a cost of $$90,000$ and was part of finished goods inventory. There was a $$15,000$ balance in the Raw Materials Inventory account on January $1.$

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 sold on account during the month for $$122,000$ and $$158,000,$ respectively. The following additional events occurred during the month.

Purchased additional raw materials of $$90,000$ on account.

Incurred factory labor costs of $$70,000.$

Incurred manufacturing overhead costs as follows: depreciation expense on equipment $$12,000$; and various other manufacturing overhead costs on account $$16,000.$

Assigned direct materials and direct labor to jobs as follows.

$\backslash$table$[[$Job No$.,$Direct Materials,Direct Labor$],[50,$$$10,000,$$$5,000$