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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 $22.400, direct labor $14,040. and manufacturing overhead 5 18.7 20. As of January 1 Job 49 had been completed at a cost of $105.300 and was part of finished goods inventory. There was a 517.550 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 $142.740 and $184.860. respectively. The following additional events occurred during the month 1 2 3 Purchased additional raw materials of $105,300 on account Incurred factory labor costs of $81.900. Of this amount $18.720 related to employer payroll taxes Incurred manufacturing overhead costs as follows: indirect materials 519.890; indirect labor $23,400: depreciation expense on equipment $14040: and various other manufacturing overhead costs on account $18.720, Assigned direct materials and direct labor to jobs as follows 4. Job Na. 50 51 52 Direct Materials $11.700 45,630 35.100 Direct Labor $5,650 29.250 23,400 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of 5982.800 direct labor costs of $819.000, and direct labor hours of 23.400 for the year. Predetermined overhead rate e Textbook and Media List of Accounts 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 No. Account Titles and Explanation Debit Credit (1) (2) (3) e Textbook and Media List of Accounts Prepare the journal entries to record the assignment of 11 direct materials. 121 direct laborand (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs use the overhead race calculated in editore automatically indented when amount is entered. Do not inden manually Dett Cred No. Account Tiles and Explanation 13 21 e Textbook and Media List of Accounts Openjob 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 ab cost sheets as necessary. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Bes $ 5 $ Jan 5 s Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead an $ 3 $ Cost of completed job Direct materials 5 Direct labor Manufacturing overhead 5 Total con Manufacturing Overhed Direct Labor Direct Materials Job No. 52 Date Jan. 5 5 e Textbook and Media List of Accounts Prere the records.com ob during the month one countries are all List of Accounts Prepare the journal entry to record the completion of any jobs) during the month (Credit account title ore automatically Indented when amount is entered Do not indent manually Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entries to record the sale of any job during the month (Credit accounter tomatically indented when amount is entered Do not inden manly) Debit Credit No. Account Tries and Explanation (1) To record sale of obs) (2) To record cost of obs] e Textbook and Media List of Accounts What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance comis $ Fished Goods intory eTextbook and Media List of Accounts What is the amount of over Textbook and Media List of Accounts 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 $22.400, direct labor $14,040. and manufacturing overhead 5 18.7 20. As of January 1 Job 49 had been completed at a cost of $105.300 and was part of finished goods inventory. There was a 517.550 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 $142.740 and $184.860. respectively. The following additional events occurred during the month 1 2 3 Purchased additional raw materials of $105,300 on account Incurred factory labor costs of $81.900. Of this amount $18.720 related to employer payroll taxes Incurred manufacturing overhead costs as follows: indirect materials 519.890; indirect labor $23,400: depreciation expense on equipment $14040: and various other manufacturing overhead costs on account $18.720, Assigned direct materials and direct labor to jobs as follows 4. Job Na. 50 51 52 Direct Materials $11.700 45,630 35.100 Direct Labor $5,650 29.250 23,400 Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of 5982.800 direct labor costs of $819.000, and direct labor hours of 23.400 for the year. Predetermined overhead rate e Textbook and Media List of Accounts 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 No. Account Titles and Explanation Debit Credit (1) (2) (3) e Textbook and Media List of Accounts Prepare the journal entries to record the assignment of 11 direct materials. 121 direct laborand (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs use the overhead race calculated in editore automatically indented when amount is entered. Do not inden manually Dett Cred No. Account Tiles and Explanation 13 21 e Textbook and Media List of Accounts Openjob 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 ab cost sheets as necessary. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Bes $ 5 $ Jan 5 s Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead an $ 3 $ Cost of completed job Direct materials 5 Direct labor Manufacturing overhead 5 Total con Manufacturing Overhed Direct Labor Direct Materials Job No. 52 Date Jan. 5 5 e Textbook and Media List of Accounts Prere the records.com ob during the month one countries are all List of Accounts Prepare the journal entry to record the completion of any jobs) during the month (Credit account title ore automatically Indented when amount is entered Do not indent manually Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entries to record the sale of any job during the month (Credit accounter tomatically indented when amount is entered Do not inden manly) Debit Credit No. Account Tries and Explanation (1) To record sale of obs) (2) To record cost of obs] e Textbook and Media List of Accounts What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance comis $ Fished Goods intory eTextbook and Media List of Accounts What is the amount of over Textbook and Media List of Accounts

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