Question

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 Labor

Answer 1

No	Account titles & Explanations				Debit	Credit
1)	Work in process inventory				79,000
	Raw materials inventory					79,000
2)	work in process inventory				50,000
	Factory labor					53,000
3)	Work in process inventory				60000
	manufacturing overhead					60,000

job no 50
Date		Direct	direct	MOH
		materials	labor
beg.		20,000	12,000	16,000
Jan		10,000	5,000	6,000
		30,000	17,000	22,000
cost of completed job
Direct materials				30,000
direct labor				17,000
MOH				22,000
total cost				69,000
job no 51
Date		Direct	direct	MOH
		materials	labor
Jan		39,000	25,000	30,000
		39,000	25,000	30,000
cost of completed job
Direct materials				39,000
direct labor				25,000
MOH				30000
total cost				94,000
Job 52
Date		Direct	direct	MOH
		materials	labor
Jan		30,000	20,000	24,000