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 $50,000 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 $6 per machine-hour. A total of 76,400 machine-hours were used in October. g. Jobs costing $512,000 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 20% 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 $34,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) View transaction list Journal entry worksheet 1 2 345 6 7 8 9 > Raw materials purchased on account, $210,000. 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 $34,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) View transaction list Journal entry worksheet < 1 2 3 456 7 8 9 > S Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction a. General Journal Debit Credit No journal entry required Accounts payable Accounts receivable Record ent Accumulated depreciation View general journal < Required 1 Required 2 > Required 1 Required 2 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.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Raw materials purchased on account, $210,000. Note: Enter debits before credits. es Transaction General Journal Debit Credit a. Record ent Cash Cost of goods sold Depreciation expense Finished goods Manufacturing overhead View general journal < Required 1 Required 2 > Required 1 Required 2 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.) View transaction list Journal entry worksheet < 1 2 345 6 7 8 9 > Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Raw materials Salaries and wages payable Sales Selling and administrative expenses Work in process Record ent View general journal < Required 1 Required 2 > Required 1 Required 2 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.) View transaction list 1 Raw materials purchased on account, $210,000. 2 Record the raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect materials). 3 Record the entry for accrued direct labor cost incurred, $50,000; indirect labor cost incurred, $21,000. 4 Depreciation recorded on factory equipment, $104,000. 5 Other manufacturing overhead costs accrued during October, $131,000. 6 The company applies manufacturing overhead cost to journal entry has been entered Note: Record entry Clear entry Credit View general journal < Required 1 Required 2 > > Required 1 Required 2 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.) View transaction list 5 5 Other manufacturing overhead costs accrued during October, $131,000. 6 The company applies manufacturing overhead cost to production on the basis of $6 per machine-hour. A total of 76,400 machine-hours were recorded for October. 7 Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 8 Record the cost of goods sold. 9 Record the sales on account. journal entry has been entered Note : Record entry Clear entry E Credit View general journal < Required 1 Required 2 > S c. Accrued direct labor cost of $50,uu and indirect labor cost of $21,UUU. 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 $6 per machine-hour. A total of 76,400 machine-hours were used in October. g. Jobs costing $512,000 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 20% 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 $34,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Manufacturing Overhead Work in Process Debit Credit Debit Credit Beginning balance Beginning balance Ending balance Ending balance < Required 1 Required 2 > c. Accrued direct labor cost of $50,uu and indirect labor cost of $21,UUU. 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 $6 per machine-hour. A total of 76,400 machine-hours were used in October. g. Jobs costing $512,000 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 20% 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 $34,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Manufacturing Overhead Work in Process Debit Credit Debit Credit Beginning balance Beginning balance a. b. Ending balance C. d. < Required 1 Required 2 >