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 $22,400, direct labor $13,440, and manufacturing overhead $17,920. As of January 1, Job 49 had been completed at a cost of $100,800 and was part of finished goods inventory. There was a $16,800 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 $136,640 and $176,960, respectively. The following additional events occurred during the month. 1.   Purchased additional raw materials of $100,800 on account. 2.   Incurred factory labor costs of $78,400. Of this amount $17,920 related to employer payroll taxes. 3.   Incurred manufacturing overhead costs as follows: indirect materials $19,040; indirect labor $22,400; depreciation expense on equipment $13,440; and various other manufacturing overhead costs on account $17,920. 4.   Assigned direct materials and direct labor to jobs as follows.   Job No.   Direct Materials   Direct Labor 50   $11,200   $5,600 51   43,680   28,000 52   33,600   22,400 (A) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary. Job No. 50 Date   Direct Materials   Direct Labor   Manufacturing Overhead Beg.   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount  Jan.   enter a dollar amount   enter a dollar amount   enter a dollar amount     $enter a total of the two previous amounts    $enter a total of the two previous amounts    $enter a total of the two previous amounts                Cost of completed job                Direct materials           $enter a dollar amount     Direct labor           enter a dollar amount    Manufacturing overhead           enter a dollar amount Total cost           $enter a total of the three previous amounts    Job No. 51 Date   Direct Materials   Direct Labor   Manufacturing Overhead Jan.   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount      $enter a total amount    $enter a total amount    $enter a total amount                Cost of completed job                Direct materials           $enter a dollar amount     Direct labor           enter a dollar amount    Manufacturing overhead           enter a dollar amount Total cost           $enter a total of the three previous amounts    Job No. 52 Date   Direct Materials   Direct Labor   Manufacturing Overhead Jan.   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount  (B) Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  (C) Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 $22,400, direct labor $13,440, and manufacturing overhead $17,920. As of January 1, Job 49 had been completed at a cost of $100,800 and was part of finished goods inventory. There was a $16,800 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 $136,640 and $176,960, respectively. The following additional events occurred during the month.

1.   Purchased additional raw materials of $100,800 on account.
2.   Incurred factory labor costs of $78,400. Of this amount $17,920 related to employer payroll taxes.
3.   Incurred manufacturing overhead costs as follows: indirect materials $19,040; indirect labor $22,400; depreciation expense on equipment $13,440; and various other manufacturing overhead costs on account $17,920.
4.   Assigned direct materials and direct labor to jobs as follows.

 

Job No.
 
Direct Materials
 
Direct Labor
50   $11,200   $5,600
51   43,680   28,000
52   33,600   22,400

(A) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary.

Job No. 50
Date
 
Direct Materials
 
Direct Labor
 
Manufacturing Overhead
Beg.  
$enter a dollar amount 
 
$enter a dollar amount 
 
$enter a dollar amount 
Jan.   enter a dollar amount   enter a dollar amount   enter a dollar amount
   
$enter a total of the two previous amounts 
 
$enter a total of the two previous amounts 
 
$enter a total of the two previous amounts 
             
Cost of completed job            
   Direct materials          
$enter a dollar amount 
   Direct labor          
enter a dollar amount
   Manufacturing overhead           enter a dollar amount
Total cost          
$enter a total of the three previous amounts 

 

Job No. 51
Date
 
Direct Materials
 
Direct Labor
 
Manufacturing Overhead
Jan.  
$enter a dollar amount 
 
$enter a dollar amount 
 
$enter a dollar amount 
   
$enter a total amount 
 
$enter a total amount 
 
$enter a total amount 
             
Cost of completed job            
   Direct materials          
$enter a dollar amount 
   Direct labor          
enter a dollar amount
   Manufacturing overhead           enter a dollar amount
Total cost          
$enter a total of the three previous amounts 

 

Job No. 52
Date
 
Direct Materials
 
Direct Labor
 
Manufacturing Overhead
Jan.   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount 

(B) Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 

(C) Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  

 

I NEED A-C ANSWERED DO NOT NOT ANSWER ANY ASPECT OF A-C!!! 

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