How to solve

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, $$190,000($ $$152,000$ direct materials and $$38,000$ indirect materials$).$

c$.$ Accrued direct labor cost of $$49,000$ and indirect labor cost of $$21,000.$

d$.$ Depreciation recorded on factory equipment, $$105,000.$

e$.$ Other manufacturing overhead costs accrued during October, $$130,000.$

f$.$ The company applies manufacturing overhead cost to production using a$-$predetermined rate of $$9$ per machine$-$hour. A total of

$76,400$ machine$-$hours were used in October.

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

h$.$ Jobs costing $$453,000$ were shipped to customers. These jobs were sold on account at $26\%$ above cost.

Required:

Prepare journal entries to record the transactions given above.

Prepare T$-$accounts for Manufacturing Overhead and Work in Proce's. 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 $$37,000.$

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

Required $1$

Prepare journal entries to record the transactions given above.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

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