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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, 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 $24,600, direct labor $14,760, and manufacturing overhead $19,680. As of January 1, Job No. 49 had been completed at a cost of $110,700 and was part of finished goods inventory. There was a $18,450 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 $150,060 and $194,340, respectively. The following additional events occurred during the month.

1. Purchased additional raw materials of 110,700 on account.

2. Incurred factory labor cost of $86,000. Of this amount $19,680 related to employer payroll taxes.

3. Incurred manufacturing overhead costs as follows: indirect materials $20,910; indirect labor $24,600; depreciation expense on equipment $14,760; and carious other manufacturing overhead costs on account $19,680.

4. Assigned direct materials and direct labor to jobs as follows.

Job No. 50 51 52 Direct Materials Direct Labor $12,300 47,970 36,900 $6,150 30,750 24,600

Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Job No. 50 wain Beg Direct Materials Direct Labor Manufacturing Overhead Jan Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost

Job No. 51 Date Jan Direct Materials Direct Labor Manufacturing Overhead Direct materials Iirercs kibor PM:aruuiacuriocticatd Total cost

Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan

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