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, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 10 points eBook Print 76,200 machine-hours were used in October. References g Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $449,000 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 $36,000. Complete this question by entering your answers in the tabs below Required 1Required 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 2 4 7 9 Raw materials purchased on account, $210,000 Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 4 7 9 Record the raw materials issued to production, $189,000 ($151,200 direct materials and $37,800 indirect materials). Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet 2 3 4 6 7 8 9 Record the entry for accrued direct labor cost incurred, $50,000; indirect labor cost incurred, $20,000. Note: Enter debits before credits. Transaction General Journal Debit Credit . Record entry Clear entry View general journal Journal entry worksheet 3 4 6 7 8 Depreciation recorded on factory equipment, $106,000 Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Journal entry worksheet 2 4 6 7 8 Other manufacturing overhead costs accrued during October, $131,000 Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Journal entry worksheet 4 7 8 The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 76,200 machine-hours were recorded for October Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Transaction General Journal Debit Credit g. Record entry Clear entry View general journal Journal entry worksheet 2 4 6 7 Record the cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 4 8 Record the sales on account Note: Enter debits before credits. Transaction General Journal Debit Credit h(2) Record entry Clear entry View general journal 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 en balance in each account, assuming that Work in Process has a beginning balance of $36,000, Manufacturing Overhead Beg. Bal End. Bal. End. Bal. Required 1
