Need help[ filling the boxes!
Lott Company uses a job order cost system and applies overhead
to production on the basis of direct labor costs. On January 1,
2017, Job No. 50 was the only job in process. The costs incurred
prior to January 1 on this job were as follows: direct materials
$24,600, direct labor $14,760, and manufacturing overhead $19,680.
As of January 1, Job No. 49 had been completed at a cost of
$110,700 and was part of finished goods inventory. There was a
$18,450 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 $150,060 and $194,340,
respectively. The following additional events occurred during the
month.
1. Purchased additional raw materials of 110,700 on account.
2. Incurred factory labor cost of $86,000. Of this amount $19,680 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows: indirect materials $20,910; indirect labor $24,600; depreciation expense on equipment $14,760; and carious other manufacturing overhead costs on account $19,680.
4. Assigned direct materials and direct labor to jobs as follows.
Homework Answers
Answer:
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs.
Calculation of Overhead rates:
Manufacturing overhead cost = Indirect materials + indirect labor + depreciation expense on equipment + other manufacturing overhead costs
= $20,910 + $24,600 + $14,760 + $19,680
= $79,950
To direct labor cost = $6,150 + 30,750 + 24,600 = $61,500
Applied Overhead rate = 79,950 / 61500 = $1.30 per direct labor dollar
Hence:
Applied Manufacturing Overhead for Jan:
Job 50 = 6150 * 1.30 = $7,995
Job 51 = 30750 * 1.30 = $30,975
Job 52 = 24600* 1.30 = $31,980
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Need help[ filling the boxes! Lott Company uses a job order cost system and applies overhead...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $22,600, direct labor $13,560, and manufacturing overhead $18,080. As of January 1, Job 49 had been completed at a cost of $101,700 and was part of finished goods inventory. There was a $16,950...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $22,200, direct labor $13,320, and manufacturing overhead $17.760. As of January 1, Job 49 had been completed at a cost of $99,900 and was part of finished goods inventory. There was a $16,650...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $21,200, direct labor $12,720, and manufacturing overhead $16,960. As of January 1, Job 49 had been completed at a cost of $95,400 and was part of finished goods inventory. There was a $15,900...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
Lott Company uses a job order cost system and applies overhead to production on the basis...
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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
P15-1A: Lott Company uses a job order cost system and applies overhead to production on the...
P15-1A: 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...
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 $22,200, direct labor $13,320, and manufacturing overhead $17.760. As of January 1, Job 49 had been completed at a cost of $99,900 and was part of finished goods inventory. There was a $16,650...
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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
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 $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
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 $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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...
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 $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
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