RRS + Ch 15: Homework Question 13 of 13 0.38/1 II 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 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21.600, direct labor $12,960, and manufacturing overhead $17.280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16.200 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 $131,760 and $170,640, respectively. The following additional events occurred during the month 2 3. Purchased additional raw materials of $97,200 on account. Incurred factory labor costs of $75,600. Of this amount $17,280 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $18,360; indirect labor $21,600; depreciation expense on equipment $12,960; and various other manufacturing overhead costs on account $17.280. Assigned direct materials and direct labor to jobs as follows. Job No. 50 51 52 Direct Materials $10,800 42.120 32.400 Direct Labor $5,400 27.000 21,600 (a) URRI JOD COST sheets for Jobs 50,51 and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ 21600 $ 12960 $ 17280 Jan 10800 5400 6480 $ 32400 18360 23760 Cost of completed job Direct materials 32400 Direct labor 18360 Manufacturing overhead 23760 Total cost 74520 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 42120 $ 27000 $ 32400 $ Manufacturing overhead Total cost 23760 $ 74520 Job No. 51 Date Direct Materials Direct Labor Jan $ Manufacturing Overhead $ 32400 42120 $ 27000 $ $ $ $ 42120 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost 27000 32400 $ 101520 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $