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 $$20,000,$ direct

labor $$12,000,$ and manufacturing overhead $$16,000.$ As of January $1,$ Job $49$ had been completed at a cost of $$90,000$ and was part of

finished goods inventory. There was a $$15,000$ 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 $$122,000$ and $$158,000,$ respectively. The following additional events occurred during the

month.

Purchased additional raw materials of $$90,000$ on account.

Incurred factory labor costs of $$70,000.$ Of this amount $$16,000$ related to employer payroll taxes.

Incurred manufacturing overhead costs as follows: indirect materials $$17,000$; indirect labor $$20,000$; depreciation expense

on equipment $$12,000$; and various other manufacturing overhead costs on account $$16,000.$

Assigned direct materials and direct labor to jobs as follows.

$($a$)$

Calculate the predetermined overhead rate for $2020,$ assuming Lott Company estimates total manufacturing overhead costs of

$$840,000,$ direct labor costs of $$700,000,$ and direct labor hours of $20,000$ for the year.

$($c$)$

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$($d$1)$

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$($b$)$ & $($d$2)$

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$($e$)$

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$($f$)$

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$($g$)$

The parts of this question must be completed in order. This part will be available when you complete the part above.