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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, $211,000.- 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, $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, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,300 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 $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 32% 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, Journal entry worksheet 1. Raw materials purchased on account, $211,000. 2. Record the raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). 3. Record the entry for accrued direct labor cost incurred, $49,000; Indirect labor cost incurred, $20,000. 4. Depreciation recorded on factory equipment, $104,000. 5. Other manufacturing overhead costs accrued during October, $130,000. 6. The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 76,300 machine-hours were recorded for October. 7. Jobs costing $510,000 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

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