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Please help! And please explain how to get answers so I can learn how to do it on future problems. Thanks in advance! I'll be
Please help! And please explain how to get answers so I can learn how to do it on future problems. Thanks in advance! I'll be sure to give a thumbs up.
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $210,000. Raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect b. materials). c. Direct labor cost incurred, $50,000; indirect labor cost incurred, $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The company applies manufacturing overhead cost to production on the basis of $5 per machine- hour. A total of 76,300 machine-hours were recorded for October. g. Production orders costing $514,000 according to their job cost sheets were completed during october and transferred to Finished Goods. h. Production orders that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 26% above cost. Required: 1. Prepare journal entries to record the information 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 Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. View general journal Record entry Clear entry 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant information above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Work in Process Manufacturing Overhead Beg. Bal, Beg. Bal. End. Bal. End. BalStep by Step Solution
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