Question

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 $24.800, direct labor $14,880, and manufacturing overhead $19.840. As of January 1. Job 49 had been completed at a cost of $111.600 and was part of finished goods inventory. There was a $18,600 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 $151.280 and $195,920, respectively. The following additional events occurred during the month 1. 2 3 Purchased additional raw materials of $111,600 on account Incurred factory labor costs of $86,800. Of this amount $19.840 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $21.080: Indirect labor $24.800; depreciation expense on equipment $14,880; and various other manufacturing overhead costs on account $19.840. Assigned direct materials and direct labor to jobs as follows. 4. Job No 50 51 Direct Materials $12,400 48.360 Direct Labor $6.200 31,000

Answer 1

Grudit Amour NO Debit Amount 347200 Al Do no 344200 . 197160 Particulars Accounts neceivable - to sales Coot of goods Bold finished goods Joventady Alc Job 4q+ Job so Poredelamined oechead orala Estimated manufackorong overhead) total estimated direct labor costs MOH1600/868000 € 120.0% 197160 Job NO 50. Date Donect malesuada direct labor Molt , beginning 24800 14880 19840 Jan 12400 6200 HHO 37200 21080 27880 Cost of completed Job of 34200 Direct malen 21080 Direct labol 27280 MOH 85560 Total as

Job no s) mot Donect materials Direct labor Date 37800 Jan 48360 3 1000 48360 37200 31000 Cool of Completed Job Darnect materiale Direct labor 48360 31000 Moth 37200 Total Cost 116560 v ob 2 Dinet materials Diorect labas Date MOH van 37200 29760 24800 116560 Vobno 5 finished goods Inventory opening COGS 111 600 197160 200120 WD 116560 Ending bal

Manfacturing overhead 62000 under applied Manufackung osshead Applied 80600 440 notual balance GADU
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