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 $21,000, direct labor $ 12,600, and manufacturing overhead $16,800. as of january 1, job 49 had been completed at a cost of $94,500 and was part of finished goods inventory. there was a $15,750 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 $128,100 and $ 165,900, respectively. the following additional events occurred during the month.

1. purchased additional raw materials of $94,500 on account.

2. incurred factory labor costs of $73,500. of this amount $16,800 related to employer payroll taxes.

3. incurred manufacturing overhead costs as follows:

4. assigned direct materials and direct labor to job as follows.

job no. direct materials direct labor
50 $10,500 $5,250
51 40,950 26,250
52 31,500 21,000
calculate the predetermined overhead rate for 2020, assuming lott company estimates total manufacturing overhead costs of $ 882,000, direct labor costs of $735,000, and direct labor hours of 21,000 for the year.

predetermined overhead rate %

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."