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, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,300 machine-hours were used in October 9 Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods 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 24% above cost Required 1 Prepare journal entries to record the transactions given above. 2. 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 $36,000. Journal entry worksheet 1 2 3 4 5 6 7 > Raw materials purchased on account, $211,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 P 3 4 5 6 7 Record the raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet its < 1 2 Skipped 4 5 6 7 8 9 Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $20,000. Hint References Note: Enter debits before credits. Transaction C General Journal Debit Credit Record entry Clear entry View general journal < Prev 9 of 11 Next > Journal entry worksheet < 1 2 3 ed aces 5 6 7 Depreciation recorded on factory equipment, $106,000. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal . Prau 9 of 11 Next > ipped Journal entry worksheet < 1 2 3 6 7 8 9 Other manufacturing overhead costs accrued during October, $130,000. Hint Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry Record entry View general journal Prev 9 of 11 Next > Journal entry worksheet < 1 2 3 4 5 The company applies manufacturing overhead cost to production on the basis of $9 per machine-hour. A total of 76,300 machine-hours were recorded for October. Note: Enter debits before credits. Transaction f General Journal Debit Credit Clear entry Record entry View general journal Dray 9 of 11 Next > Journal entry worksheet < d 2 3 4 5 9 B Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. ces Note: Enter debits before credits. Transaction General Journal Debit Credit Record every Clear entry View general journal Prev 9 of 11 Next > Journal entry worksheet < 1 2 3 4 5 6 7 B 9 ipped Record the cost of goods sold. int rences Note: Enter debits before credits. Transaction General Journal Debit Credit h(1). View general journal Record entry Clear entry entry worksheet < 1 2 3 4 5 7 8 B ped ences Record the sales on account. Note: Enter debits before credits. Transaction h(2) General Journal Debit Credit Record entry Clear entry View general journal < Prev 9 of 11 Next >>