Exerclse $3\mathrm{.}5($Algo$)$ Journal Entrles and T$-$accounts $[$LO$3-1,$ LO$3-2]$

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

a$.$ Raw materlals purchased on account, $$210,000.$

b$.$ Raw materlals used in production, $$189,000($$$151,200$ direct materlals and $$37,800$ indirect materlals$).$

c$.$ Accrued direct labor cost of $$50,000$ and indirect labor cost of $$21,000.$

d$.$ Depreclation recorded on factory equipment, $$106,000.$

e$.$ Other manufacturing overhead costs accrued during October, $$129,000.$

f$.$ The company applies manufacturing overhead cost to production using a predetermined rate of $$8$ per machine$-$hour. A total of

$76,000$ machine$-$hours were used in October.

g$.$ Jobs costing $$512,000$ were completed and transferred to Finlshed Goods.

h$.$ Jobs costing $$448,000$ were shipped to customers. These jobs were sold on account at $28\%$ above cost.

Required:

Prepare journal entrles to record the transactlons glven 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 Work In Process has a beginning balance of $$34,000.$

Complete this question by entering your answers in the tabs below.

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 Work in Process has a beginning balance of $$34,000.$