The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $188,000($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,000 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 28% 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. 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. 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.) Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event required" in the first account field.) Journal entry worksheet Record the raw materials issued to production, $188,000($150,400 direct materials and $37,600 indirect materials). Note: Enter debits before credits. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/eve required" in the first account field.) Journal entry worksheet Record the entry for accrued direct labor cost incurred, $48,000; indirect labor cost incurred, $21,000. Note: Enter debits before credits. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event required" in the first account field.) Journal entry worksheet Depreciation recorded on factory equipment, $106,000. Note: Enter debits before credits. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, selec required" in the first account field.) Journal entry worksheet Other manufacturing overhead costs accrued during October, $130,000. Note: Enter debits before credits. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, se required" in the first account field.) Journal entry worksheet
