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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
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 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. BalStep by Step Solution
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