Question 13 of 13 0.38/1 E View Policies Show Attempt History Current Attempt in Progress Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job so was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24.400, direct labor $14,640, and manufacturing overhead $19,520. As of January 1, Job 49 had been completed at a cost of $109,800 and was part of finished goods inventory. There was a $18,300 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 $148,840 and $192,760, respectively. The following additional events occurred during the month, Purchased additional raw materials of $109,800 on account 2 Incurred factory labor costs of $85,400. Of this amount $19.520 related to employer payroll taxes 3. Incurred manufacturing overhead costs as follows: Indirect materials $20,740; Indirect labor $24.400, depreciation expense on equipment $14,640, and various other manufacturing overhead costs on account $19.520 Assigned direct materials and direct labor to jobs as follows. 1 Job No. Direct Materials Direct Labor 50 $12.200 $6.100 51 47.580 30,500 52 36,600 24,400 fa) Your answer is correct Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $1,024,800, direct labor costs of $854.000, and direct labor hours of 24,400 for the year, Predetermined overhead rate 120 % eTextbook and Media List of Accounts Attempts: 1 of 5 used Your answer is correct Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) vunt Titles and Explanation Debit Credit w Materials inventory 109800 ccounts Payable 109800 11 story Labor 85,400 65,880 actory Wages Payable mployer Payroll Taxes Payable 19,520 anufacturing Overhead 79 300 aw Materials Inventory 20.740 actory Labor 24.400 ccumulated Depreciation Equipment 14,640 19.520 ccounts Payable eTextbook and Media List of Accounts Attempts: 2 of 5 used Your answer is correct Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) sunt Titles and Explanation Debit Credit ork In Process Inventory 96380 Law Materials inventory 96380 ork in Process Inventory 61000 factory Labor 61000 ork in Process Inventory 73200 Manufacturing Overhead 73200 eTextbook and Media List of Accounts Attempts: 1 of 5 used Open job cost sheets for Jobs 50,51 and 52 Enter the January 1 balances on the job cost sheet for Job 30. Postal costs to the job cost sheets as necessary, Job No. 50 Date Direct Materials Direct Labor Manufacturing Beg Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturin Jan $ $ $ $ Cost of completed job Direct materials $ Direct labor Manufacturing Overhead Total cost Job No. 52 Cost of completed job Direct materials $ Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan $ eTextbook and Media List of Accounts Save for Later Attempts:0 of 5 used Submit Answer (e) The parts of this question must be completed in order. This part will be available when you complete the part above. 10 The parts of this question must be completed in order. This part will be available when you complete the part above (g) The parts of this question must be completed in order. This part will be available when you complete the part above (h) The parts of this question must be completed in order. This part will be available when you complete the part above