Job No. Direct Materials Direct Labor SHOW LIST OF ACCOUNTS Job No. 50 Date Dire
ID: 2607763 • Letter: J
Question
Job No.
Direct Materials
Direct Labor
SHOW LIST OF ACCOUNTS
Job No. 50
Date
Direct Materials
Direct Labor
Manufacturing Overhead
Job No. 51
Date
Direct Materials
Direct Labor
Manufacturing Overhead
Job No. 52
Date
Direct Materials
Direct Labor
Manufacturing Overhead
SHOW LIST OF ACCOUNTS
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
SHOW LIST OF ACCOUNTS
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
SHOW LIST OF ACCOUNTS
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
No.
Account Titles and Explanation
Debit
Credit
(1)
(2)
SHOW LIST OF ACCOUNTS
SHOW LIST OF ACCOUNTS
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 $22,400, direct labor $13,440, and manufacturing overhead $17,920. As of January 1, Job No. 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 22,400Explanation / Answer
Journal Entries
Journal entries for assignment of costs for production
Journal entry to record completion of Jobs during the month.
Journal entries to record sale of jobs:
Predetermined overhead rate 120% Estimated total manufacturing overhead costs 940800 Estimated direct labor costs 784000 Predetermined overhead rate 120% of direct labor costRelated Questions
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