(Q3)

Journal entry worksheet The company applies manufacturing overhead cost to production on the basis of $7 per machine-hour. A total of 76,500 machine-hours were recorded for October. Note: Enter debits before credits. Journal entry worksheet Record the raw materials issued to production, $190,000 ( $152,000 direct materials and $38,000 indirect materials). Note: Enter debits before credits. Journal entry worksheet Record the entry for accrued direct labor cost incurred, $48,000; indirect labor cost incurred, $22,000. Note: Enter debits before credits. Journal entry worksheet Record the sales on account. Note: Enter debits before credits. 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. Journal entry worksheet Depreciation recorded on factory equipment, $104,000. Note: Enter debits before credits. The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $190,000 ( $152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of \$7 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $512,000 were completed and transferred to Finished Goods. h. Jobs costing $448,000 were shipped to customers. These jobs were sold on account at 36% 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 Work in Process has a beginning balance of $36,000. Journal entry worksheet Other manufacturing overhead costs accrued during October, $130,000. Note: Enter debits before credits. Journal entry worksheet 56 Raw materials purchased on account, $211,000. Note: Enter debits before credits. ournal entry worksheet 1 2 3 4 Record the cost of goods sold. ote: Enter debits before credits