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lott Com any i SR; A nh Ontercost sys enn and ap iles ถ Grhead to producton on the bask of dirart lahar ro ts. n 1anuary 1 2017 en Nn 5n was the only b ǐn pro se The cnsts incurred priar o נanuary 1 on rls ob ere as tolla s: direct materials sn nn direct lab t $12 nan and man tach ng avertead $16,000. s of anuary 1, ob No. 49 had been completed at a ost o 90,000 and was pert ef finished goods inentory. There nas $15,00 balanoe in the aw Materials Enventory account. During the month of Januar , Lott Company bepan production on Jcbs 5l snd ฐ2 and competed Jobs ฐ0 and 31 Jcbc 40 อ d SO erc also sold on account during the month for $122,000 and $158 000 rospcct vely. The follo 1 Purchased additional raw materials cr $90,000 on account. 2. Incured factory labor csts o $70,000. Or tis amcunt s15,000 related to employer payrell tazes. 4, Assigned ป ell materials dnd dired labu lu jobs as rulluns. ng tional events occurred during the month materials 517,000; İndiect labu expense se on equipment $12, Job No Direct Materials Direct LaborYour answer is correct Calculate he predetermined overhead rate or 2017 essutning Lott Company estimates utal manufacturing overhead co s uf $840,000 direct labor costs of $700,000, and direct labor hours of 20,000 for the year Round dnswer to Lhe n drest เ hoe er en e 254 Predatermined overhead rate2Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50 Job No. 50 Date Beg Direct Materials Direct Labor Manufacturing Overhead Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Direct Materials Direct Labor Manufacturing Overhead Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials ari Direct Labor Manufacturing Overhead

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Answer #1
Ques 1)
Total Manufacturing overhead costs(A) $              840,000
Direct Labour Costs(B) $              700,000
Predetermined overhead rate(A/B) 120%
Ques 2)
Raw Materials Inventory 90000
   Accounts Payable 90000
Factory Labour 70000
   Factory Wages Payable 54000
   Factory Payroll Taxes Payable 16000
Manufacturing overhead 65000
   Accounts Payable 16000
   Accumulated depriciation 12000
   Raw Materials inventory 17000
   Factory Labor 20000
Ques 3)
Work In process Inventory 79000
Raw Materials Inventory 79000
(10000+39000+30000)
Work In process Inventory 50000
Factory labor 50000
(5000+25000+20000)
Work In process Inventory 60000
   Manufacturing overhead 60000
(50000 * 120% of direct labor costs)
ques 4)
Job No. 50
Date Direct Materials Direct Labor Manufacturing overhead
Beg. 20000 12000 16000
Jan. 10000 5000 6000 (5000*120%)
30000 17000 22000
Cost of completed job
   Direct Materials 30000
   Direct Labor 17000
   Manufacturing overhead 22000
Total cost 69000
Job No. 51
Date Direct Materials Direct Labor Manufacturing overhead
Jan. 39000 25000 30000 (25000*120%)
39000 25000 30000
Cost of completed job
   Direct Materials 39000
   Direct Labor 25000
   Manufacturing overhead 30000
Total cost 94000
Job No. 52
Date Direct Materials Direct Labor Manufacturing overhead
Jan. 30000 20000 24000 (20000*120%)
30000 20000 24000
Completed JOB 50 & 51:
Finished Goods Inventory 163000
   Work In process Inventory 163000
(69000+94000)
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