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WileyPLUS edugen.wileyplus.com/edugen/ti/main.uni C Return to Blackboard gandt, Accounting Principles, 12e PRINTER VERSION BACK NECT ASSIGNMENT RESOURCES Problem 20-1A (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 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,800, direct labor $14,280, and manufacturing overhead s19,040. As of January 1, Job No. 49 had been completed at a cost of $107,100 and was part of finished goods inventory. There was a $17,850 balance in the Raw Materials Inventory account. a Exeroise 20-2 During the month of January, Lott Company began production onJos51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $145,180 and $188,020, respectively. The following additional events occurred during the month. Problem 20-1A (Pa 1. 2. 3. Purchased additional raw materials of $107,100 on account. Incurred factory labor costs of $83,300. of this amount $19,040 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $20,230; indirect labor $23,800; depreciation expense on equipment $14,280; and various other manufacturing overhead costs on account $19,040 Assigned direct materials and direct labor to jobs as follows. 4. ob No Direct Materials Direct Labor 50 51 52 $11,900 46,410 35,700 $5,950 29,750 23,800 (a) Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $999,600, direct labor costs of $833,000, and direct labor hours of 23,800 for the year. (Round answer to the nearest whole percent, eg, 25%.) ts Predetermined overhead rate Attempts: 0 of 15 used SAVE FOR LATER SUBMIT ANSWER (b) The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part wil be available when you complete the part above. edugen.wileyplus.com/edugen/shared/assig /aglist.uni?id-asnm

Explanation / Answer

Predetermined overhead rate = 999600/833000= 120%

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