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The Polaris Company uses a job - order costing system. The following transactions occurred in October: a . Raw materials purchased on account, $ 2

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, $189,000( $151,200 direct materials and $37,800 indirect materials).
c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000.
d. Depreciation recorded on factory equipment, $106,000.
e. Other manufacturing overhead costs accrued during October, $130,000.
f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,200 machine-hours were used in October.
g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 38% 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 that Work in Process has a beginning balance of $34,000.
Complete this question by entering your answers in the tabs below.
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.)
DO NOT FORGET T ACCOUNT AFTER THE JOURNAL ENTRIES
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