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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
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 $49.000 and indirect labor cost of $21000 d. Depreciation recorded on factory equipment. $105.000 e. Other manufacturing overhead costs accrued during October, $130,000 The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine hour. A total of 76,500 machine-hours were used in October g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Journal entry worksheet
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