Problem 15-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,600, direct labor $12,360, and manufacturing overhead $16,480. As of January 1, Job No. 49 had been completed at a cost of $92,700 and was part of finished goods inventory. There was a $15,450 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 $125,660 and $162,740, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $92,700 on account. Incurred factory labor costs of $72,100. of this amount $16,480 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $17,510; indirect labor $20,600; depreciation expense on equipment $12,360; and various other manufacturing overhead costs on account $16,480 Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials $10,300 40,170 30,900 Direct Labor $5,150 25,750 20,600 x Your answer is incorrect. Try again. Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 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 when amount is entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit dddddDDDD your answer is incorrect. Try again. Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in a titles are automatically indented when amount is entered. De net indent manually.) Account Tes lation LUU 2. Problem 15-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,600, direct labor $12,360, and manufacturing overhead $16,480. As of January 1, Job No. 49 had been completed at a cost of $92,700 and was part of finished goods inventory. There was a $15,450 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 $125,660 and $162,740, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $92,700 on account. Incurred factory labor costs of $72,100. of this amount $16,480 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $17,510; indirect labor $20,600; depreciation expense on equipment $12,360; and various other manufacturing overhead costs on account $16,480 Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials $10,300 40,170 30,900 Direct Labor $5,150 25,750 20,600 x Your answer is incorrect. Try again. Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 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 when amount is entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit dddddDDDD your answer is incorrect. Try again. Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in a titles are automatically indented when amount is entered. De net indent manually.) Account Tes lation LUU 2