What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of?Finished Goods Inventory $ 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 incurredprior 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 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 $141,520 and$183,280, respectively. The following additional events occurred during the month.1.2.3.4.Job No.50Purchased additional raw materials of $104,400 on account.Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes.Incurred manufacturing overhead costs as follows: indirect materials $19,720; indirect labor $23,200; depreciation expense on equipment $13,920; and various other manufacturingoverhead costs on account $18,560.Assigned direct materials and direct labor to jobs as follows.5152Direct Materials$11,60045,24034,800Direct Labor$5,80029,00023,200

Name: What is the balance in the Finished Goods Inventory account at the en
Uploaded: 2024-03-20T06:32:37.000Z
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Description: What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of?Finished Goods Inventory $ Lott Company uses a job order cost system and applies overhead to production on the basis of direct lab