5.

The Polaris Company uses a job-order costing system. The following transactions occurred in October:

1. Raw materials purchased on account, $210,000.
2. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials).
3. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000.
4. Depreciation recorded on factory equipment, $105,000.
5. Other manufacturing overhead costs accrued during October, $130,000.
6. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October.
7. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
8. Jobs that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% 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 $35,000.

Required1:

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.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the raw materials issued to production, $191,000 (\$152,800 direct materials and $38,200 indirect materials). Note: Enter debits before credits. Journal entry worksheet Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $21,000. Note: Enter debits before credits. Journal entry worksheet 1 7 Depreciation recorded on factory equipment, $105,000. Note: Enter debits before credits. Journal entry worksheet Other manufacturing overhead costs accrued during October, $130,000. Note: Enter debits before credits. Journal entry worksheet The company applies manufacturing overhead cost to production on the basis of $9 per machine-hour. A total of 76,200 machine-hours were recorded for October. Note: Enter debits before credits. Journal entry worksheet 1 Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Journal entry worksheet 1 ? 3 4 Note: Enter debits before credits. Journal entry worksheet 124 Note: Enter debits before credits. Complete this question by entering your answers in the tabs below