Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] 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, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. 1. The company applies manufacturing overhesd cost to production using a predetermined rate of $8 per machine-hour. A total of 76,400 machine-hours were used in October. 9. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account ot 34% above cost. Required: 1. Prepare joumal entries to record the transaction 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 $33,000. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No jour required "in the first account field.) Journal entry worksheet epare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal ent quired" In the first account field.) Journal entry worksheet Prepare journal entries to record the transactions given above, (If no entry is required for a transaction/event, select "No required" In the first account field.) Journal entry worksheet Record the entry for accrued direct labor cost incurred, $50,000; Indirect labor cost incurred, $20,000. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal required in the first account field.) Journal entry worksheet Depreciation recorded on factory equipment, $105,000. Note: Enter debits before credits. Complete this question by entering your answers in the tabs beiow. Prepare journal entries to record the transactions glven above. (If no entry is required for a transaction/event, seiect "No journal) required" in the first account field.) Journal entry worksheet Note: Enter debits before eredits: Prepare journal entries to record the transactions glven above. (If no entry is required for a transaction/event, select "No jo required" in the first account feld.) Journal entry worksheet The company applles manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 76,400 machine-hours were recorded for October. Note: Enter debits before credits. Journal entry worksheet 124 9 Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 9 Record the cost of goods sold. Note: Enter debits before credits. Record entry Clear entry View general journal Required 2 Tnummal amfore sanableknmt 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 $33,000. Complete this question by entering your answers in the tabs below. Prepere T-accounts for Manufecturing Overthead 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 $33,000
