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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 $22,200, direct labor $13,320, and manufacturing overhead $17,760. As of January 1, Job 49 had been completed at a cost of $99,900 and was part of finished goods inventory. There was a $16,650 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 $135,420 and $175,380, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $99,900 on account. 2. Incurred factory labor costs of $77,700. Of this amount $17,760 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $18,870; indirect labor $22,200; depreciation expense on equipment $13,320; and various other manufacturing overhead costs on account $17,760. 4. Assigned direct materials and direct labor to jobs as follows. Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $932,400, direct labor costs of $777,000, and direct labor hours of 22,200 for the year. Predetermined overhead rate % List of Accounts Attempts: 0 of 5 used

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