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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. $210.000. b. Raw materials used

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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. $210.000. b. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials) Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 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 h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% 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 $35,000, Journal entry worksheet 2 3 4 5 6 7 8 9 Raw materials purchased on account, $210,000. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 2 > 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $35,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. balance in each account, assuming that Work in Process has a beginning balance of $35,000. Manufacturing Overhead Work in Process Beg. Bal. End. Bal. End. Bal.

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