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required 1: need a-h (1-9) required 2: The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased
required 1: need a-h (1-9)
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, $190,000 ($152,000 direct materials and $38,000 Indirect materials) c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d Depreciation recorded on factory equipment, $105,000 e Other manufacturing overhead costs accrued during October . $130,000 The company apples manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine hours were used in October 9 Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. Those 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 535,000, Complete this question by entering your answers in the tabs below. 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 1 2 3 4 5 6 7 8 9 Raw materials purchased on account, $210,000. Note: Enter debits before credits Transaction General Journal Dobit Credit a Record entry Clear entry View general Journal 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 thot Work in Process has a beginning balance of $35,000 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 $35,000. Work In Process Manufacturing Overhead Det Beginning balance Credit Dobit Credit Beginning balance Ending balance Ending balanco Nequired 1 required 2:
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