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How to solve The Polaris Company uses a job - order costing system. The following transactions occurred in October: a . Raw materials purchased on
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The Polaris Company uses a joborder costing system. The following transactions occurred in October:
a Raw materials purchased on account, $
b Raw materials used in production, $ $ direct materials and $ indirect materials
c Accrued direct labor cost of $ and indirect labor cost of $
d Depreciation recorded on factory equipment, $
e Other manufacturing overhead costs accrued during October, $
f The company applies manufacturing overhead cost to production using apredetermined rate of $ per machinehour. A total of
machinehours were used in October.
g Jobs costing $ were completed and transferred to Finished Goods.
h Jobs costing $ were shipped to customers. These jobs were sold on account at above cost.
Required:
Prepare journal entries to record the transactions given above.
Prepare Taccounts 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 $
Complete this question by entering your answers in the tabs below.
Required
Prepare journal entries to record the transactions given above.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
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