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NOTE: Please answer in the format provided as my problem is the software saying answer is incomplete The Polaris Company uses a job-order costing system.
NOTE: Please answer in the format provided as my problem is the software saying answer is incomplete
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 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. g. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42,000. No Transaction General Journal Debit Credit 1 a 210,000 Raw materials Accounts payable 210,000 2 b Work in process Manufacturing overhead Raw materials 178,000 12,000 190,000 3 C. Manufacturing overhead 110,000 90,000 Work in process Salaries and wages payable 200,000 4 d. 40,000 Manufacturing overhead Accumulated depreciation 40,000 5 e. 70,000 Manufacturing overhead Accounts payable 70,000 6 f. 240,000 Work in process Manufacturing overhead 240,000 7 g. 520,000 Finished goods Work in process 520,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 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 $42,000. Work in Process Manufacturing Overhead 0 0 Beg. bal. Beg. bal. 42,000 178,000 b 240,000 f. > b C. 12,000 110,000 40,000 C. 90,000 240,000 d. f. e. 70,000 520,000 g. End. bal. 8,000 End. bal. 30,000 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 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. g. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42,000. No Transaction General Journal Debit Credit 1 a 210,000 Raw materials Accounts payable 210,000 2 b Work in process Manufacturing overhead Raw materials 178,000 12,000 190,000 3 C. Manufacturing overhead 110,000 90,000 Work in process Salaries and wages payable 200,000 4 d. 40,000 Manufacturing overhead Accumulated depreciation 40,000 5 e. 70,000 Manufacturing overhead Accounts payable 70,000 6 f. 240,000 Work in process Manufacturing overhead 240,000 7 g. 520,000 Finished goods Work in process 520,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 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 $42,000. Work in Process Manufacturing Overhead 0 0 Beg. bal. Beg. bal. 42,000 178,000 b 240,000 f. > b C. 12,000 110,000 40,000 C. 90,000 240,000 d. f. e. 70,000 520,000 g. End. bal. 8,000 End. bal. 30,000Step by Step Solution
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