CALCULATOR STANDARD VIEW PRINTER VERSION BACK Problem 15-01A 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 prio January 1 on this job were as follows: direct materials $23,800, direct labor $14,280, and manufacturing overhead $19,040. As of January 1, Job 49 had been completed at a cost of $107,100 aw was part of finished goods inventory. There was a $17,850 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 $145,180 and $188,020, respectively. The following additional events occurred during the month. Purchased additional raw materials of $107,100 on account. 1. Incurred factory labor costs of $83,300. Of this amount $19,040 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,230; indirect labor $23,800; depreciation expense on equipment $14,280; and various other manufacturing overhe costs on account $19,040. 4. Assigned direct materials and direct labor to jobs as follows. 2. 3. Job No. Direct Materials Direct Labor 50 $11,900 $5,950 S1 46,410 29,750 52 35,700 23,800 Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $999,600, direct labor costs of $833,000, and direct labor hours of 23,800 for the year. Predetermined overhead rate 120 SHOW LIST OF ACCOUNTS 2 Your answer is partially correct. Try again. 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 tities are automatically indented when amount is entered. Do not indent manually.) Account Tesand Erolanation Credit Debit account tities are automaticairy inaentea wnen amount is enterea. Do nor inaent manuany.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 94500 Accounts Payable 94500 (2) Factory Labor 73500 Factory Wages Payable 56700 "Employer Payroll Taxes Payable 16800 (3) Manufacturing Overhead 68250 Accounts Payable 16800 12600 Accumulated Depreciation-Equipment Raw Materials Inventory 17850 Factory Labor 21000 SHOW LIST OF ACCOUNTS Your answer is partialy correct. Try again. Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. 1n assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Debit ZYour answer is partially correct. Try again. Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 82950 Raw Materials Inventory 82950 (2) Twork in Process Inventory 52500 Factory Labor 52500 (3) Twork in Process Inventory 63000 63000 Manufacturing Overhead Open job 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 job cost sheets as necessary. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg 21000 12600 16800 Jan. 10500 5250 6300 31500 17850 23100 Cost of completed job Direct materials 31500 Direct labor 17850 Manufacturing overhead 23100 Total cost 72450 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead 40950 Jan. 26250 31500 40950 26250 31500 Cost of completed job 40950 CALCULATOR STANDARD VIEW PRINTER VERSION (BA Manufacturing overhead 31500 Total cost 98700 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead 31500 21000 Jan. 25200 SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically Indented when amount is entered. Do not indent manua Account Titles and Explanation Debit Credit Finished Goods Inventory 171150 171150 Work in Process Inventory SHOW LIST OF ACCOUNTS Z Your answer is partially correct. Try again. Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Accounts Receivable 294000 CALCULATOR STANDARD VIEW PRINTER VERSION BACK (1) Accounts Receivable 294000 Sales Revenue 294000 (To record sale of jobs) (2) Cost of Goods Sold 166950 Finished Goods Inventory 166950 (To record cost of jobs) SHOW LIST Or ACCOUNTS Z Your answer is partially correct. Try again. What is the balance in the Finished GGoods Inventory account at the end of the month? What does this balance consist of? 98700 Finished Goods Inventory Job No. 51 SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. What is the amount of over- or underapplied overhead? 5250 Underapplied Manufacturing Overhead Open Show Werk Click if you would like to Show Work for this