Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January Job was the only job in process. The costs incurred prior to January on this job were as follows: direct materials $ direct labor $ and manufacturing overhead $ As of January Job had been completed at a cost of $ and was part of finished goods inventory. There was a $ balance in the Raw Materials Inventory account on January
During the month of January, Lott Company began production on Jobs and and completed Jobs and Jobs and were sold on account during the month for $ and $ respectively. The following additional events occurred during the month.
Purchased additional raw materials of $ on account.
Incurred factory labor costs of $
Incurred manufacturing overhead costs as follows: depreciation expense on equipment $; and various other manufacturing overhead costs on account $
Assigned direct materials and direct labor to jobs as follows.
tableJob NoDirect Materials,Direct Labor$$
