Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do all the journal entries. The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on

image text in transcribedimage text in transcribedimage text in transcribedPlease do all the journal entries.

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 $21,000. 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 $7 per machine-hour. A total of 76,100 machine-hours were used in October. October and transferred to Finished Goods. shipped to customers during the month. These jobs were sold on account at 36% g. Jobs costing $513,000 according to their job cost sheets were completed during h. Jobs that had cost $453,000 to complete according to their job cost sheets were 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 $33,000. Journal entry worksheet 123 4 5 678 9 Raw materials purchased on account, $210,000 Note: Enter debits before credits. Transaction General Journal Debit Credit a. No journal entry required Accounts payable Accounts receivable Accumulated depreciation Record ent View general jou Complete this question by entering your answers in the tabs below Required 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 $33,000 Manufacturing Overhead Work in Process Beg. Bal End. Bal End. Bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing & Assurance Services A Systematic Approach

Authors: William F Messier Jr, Steven M Glover, Douglas F Prawitt

11th Edition

1260687635, 1259969444, 9781259969447, 978-1260687637

More Books

Students also viewed these Accounting questions

Question

Please solve it in full.

Answered: 1 week ago

Question

How can i solve case for "palmetto soups break even analysis"?

Answered: 1 week ago

Question

Identify ways to increase your selfesteem.

Answered: 1 week ago