Question

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1✓ Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufactuPrepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the ma(d1) ✓ Your answer is correct. Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor(b) & (d2) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. PostJob No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. A LA Cost of completed job Direct materials ta Dire

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Answer #1

Job Cost Sheet

Job No.50
Date Direct material Direct labor Manufacturing overhead
Beg Bal 23400 14040 18720
Jan 11700 5850 5850*1.2 = 7020
35100 19890 25740
Cost of completed Job
Direct material 35100
Direct labor 19890
Manufacturing overhead 25740
Total Cost 80730

Job Cost Sheet

Job No.51
Date Direct material Direct labor Manufacturing overhead
Jan 45630 29250 35100
45630 29250 35100
Cost of completed Job
Direct material 45630
Direct labor 29250
Manufacturing overhead 35100
Total Cost 109980

Job Cost Sheet

Job No.52
Date Direct material Direct labor Manufacturing overhead
Jan 35100 23400 28080
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