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 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,600, direct labor $14.760, and manufacturing overhead $19,680. As of January 1. Job 49 had been completed at a cost of $110.700 and was part of finished goods inventory. There was a $18,450 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 $150,060 and $194,340, respectively. The following additional events occurred during the month. Purchased additional raw materials of $110.700 on account. Incurred factory labor costs of $86,100. Of this amount $19.680 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $20.910; Indirect labor S24,600, depreciation expense on equipment $14.760; and various other manufacturing overhead costs on account $19,680, Assigned direct materials and direde labor to jobs as follows. 1 2 63 N 4. Job No. 50 51 52 Direct Materials $12.300 47.970 36,900 Direct Labor $6.150 30.750 24.600 Part 1 Your answer is correct Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of 51033,200, direct labor costs of 5861,000 and direct labor hours of 24 600 for the year. Predetermined overhead rate 120 e Textbook and Media Part 7 What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory $ e Textbook and Media List of Accounts Attempts:0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score, 10% score reduction after attempt 2 Part 8 What is the amount of over or underapplied overhead? Manufacturing Overhead $ eTextbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score 10% score reduction after attempt 2