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, $$189,000($ $$151,200$ direct materials and $$37,800$ indirect materials$).$

c$.$ Accrued direct labor cost of $$49,000$ and indirect labor cost of $$21,000.$

d$.$ Depreciation recorded on factory equipment, $$104,000.$

e$.$ Other manufacturing overhead costs accrued during October, $$131,000.$

f$.$ The company applies 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.

g$.$ Jobs costing $$514,000$ were completed and transferred to Finished Goods.

h$.$ Jobs costing $$447,000$ were shipped to customers. These jobs were sold on account at $40\%$ above cost.

Required:

Prepare journal entries to record the transactions given above.

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 $$35,000.$

Complete this question by entering your answers in the tabs below.

Prepare T$-$accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions

Work in Process has a beginning balance of $$35,000.$