open job sheets for jobs 50 51 and 52 enter the January 1 ba

open job sheets for jobs 50, 51, and 52. enter the January 1 balance on the job cost sheet for job no. 50.

ecure https://edugen.wileyplus.com/edugen/student/mainfr.uni US PRIN. OF ACCT Kimmel, Accounting, 6e Practice Gradebook ORION Downloadable eTextbook Problem 15-1A (Part Level Submission) 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 vas 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 No. 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17.400 balance in the Raw Matorials Inventory account. The folloving During the month of lanuary Lott Company began production on Jobs 31 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $141,520 and s1ã3.za0, additional events occurmed during the month. 1. Purchased additional raw matorials of $104,400 on account. 2. Incurred factory labor costs of $81.200. Of this amount $18,560 related to employer payroll taxes 3. Incurred manufacturing overhead costs as follows: indirect materials $19,720; indirect labor $23,200; depreciation expense on equipment $13,920; and various other manufacturing overhead costs on account $18,560 4. Assigned diréct materials and direct labor to jabs as follows. Job No. Direct Materials Direct Labor $11,600 45,240 34,800 $5,800 51 (a) Your answer is correct. Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $974,400, direct labor costs of $812.000, and direct labor hours of 23.200 for the year, (Round Predetermined overhead rate All Rights Reserved. A Division of John Wley & Sons Inc

Solution

a 974400 Manufacturing overhead costs / 812000 direct labor costs 120% of direct labor costs b Job No 50 Date Direct Material Direct Labor Manufacturing Overhead Beg 23200 13920 18560 jan 11600 5800 6960 34800 19720 25520 Cost of completed job Direct Material 34800 Direct Labor 19720 Manufacturing overhead 25520 Total Cost 80040 *5800*120% = 6960 b Job No 51 Date Direct Material Direct Labor Manufacturing Overhead jan 45240 29000 34800 45240 29000 34800 Cost of completed job Direct Material 45240 Direct Labor 29000 Manufacturing overhead 34800 Total Cost 109040 *29000*120% = 34800 b Job No 52 Date Direct Material Direct Labor Manufacturing Overhead jan 34800 23200 27840 34800 23200 27840 Cost of completed job Direct Material 34800 Direct Labor 23200 Manufacturing overhead 27840 Total Cost 85840 *23200*120% = 27840