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i just need required 2 please The Polaris Company uses a job-order costing system. The following transactions occurred in October a Raw materials purchased on
i just need required 2 please
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, $188,000 ($150,400 direct materials and $37,600 Indirect materials) c Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $105,000. e Other manufacturing overhead costs accrued during October, $130,000 1. The company applles manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76.200 machine-hours were used in October 9. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods h Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 26% 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 $35,000 Step by Step Solution
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