assignment 3

CoursHeroTranscribedText: 6 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 $37600 Indirect materials). 10 C. Accrued direct labor cost of $49,000 and Indirect labor cost of $21,000. points d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. . The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine- hour. A total of 76,400 machine-hours were used In October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Book Goods h. Jobs that had cost $448,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 28%% above cost. Print Required: L Prepare Journal entries to record the transactions given above. References 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. Complete this question by entering your answers in the tabs below. Required 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 list Journal entry worksheet 1 2 3 4 5 6 7 B 9 Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction General Journal Debit Credit B. Record entry Clear entry View general journal