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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 joborder costing system. The following transactions occurred in October:
a Raw materials purchased on account, $
b Raw materials used in production, $ $ direct materials and $ indirect materials
c Accrued direct labor cost of $ and indirect labor cost of $
d Depreciation recorded on factory equipment, $
e Other manufacturing overhead costs accrued during October, $
f The company applies manufacturing overhead cost to production using a predetermined rate of $ per machinehour. A total of machinehours were used in October.
g Jobs costing $ according to their job cost sheets were completed during October and transferred to Finished Goods.
h Jobs that had cost $ to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at above cost.
Required:
Prepare journal entries to record the transactions given above.
Prepare Taccounts 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 $
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 transactionevent select No journal entry required" in the first account field.
DO NOT FORGET T ACCOUNT AFTER THE JOURNAL ENTRIES
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