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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, $191,000 ($152,800 direct materials and $38,200 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, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 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 $34,000. Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet SULLLLLLL Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the raw materials issued to production, $191,000 ($152,800 direct materials and $38,200 indirect materials). Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $20,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry Vlew general Journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Depreciation recorded on factory equipment, $105,000. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Other manufacturing overhead costs accrued during October, $131,000. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet The company applies manufacturing overhead cost to production on the basis of $6 per machine-hour. A total of 76,100 machine-hours were recorded for October Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit h(1). Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sales on account. Note: Enter debits before credits. General Journal Debit Credit Transaction h(2) Record entry Clear entry View general journal
