1 and 2 reguired answers
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $210,000 b. Raw materials used in production, $188,000 ($150,400 direct materials and $37.600 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000 The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,100 machine-hours were used in October 9. Jobs costing 5514,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 26% above cost. Required: 1. Prepare journal entries to record the transactions given above 2. Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant transactions from above to each account Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36.000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 o ral Prepare journal entries to record the transactions given above. (If no entry is required for a transaction event elect required in the first account field.). 2. Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36.000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.). View transaction lit Journal entry worksheet Raw materials purchased on account, $210,000 Note: Enter debit before credits Transco r re General Journal Debit Credit Record entry Clear entry View general Journal 76.100 machine-hours were used in October 9. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 26% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant transactions from above to each account Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Manufacturing Overhead Work in Process Beg Bal ( Required 1 Required a
