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Need help on requirement 2! Thank you! The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased
Need help on requirement 2! Thank you!
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and Indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October. $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 34% 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 $37,000
Need help on requirement 2! Thank you!
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