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 ($178.000 direct materials and $12.000 indirect materials) C Accrued direct labor cost of $90,000 and indirect labor cost of $110,000 d. Depreciation recorded on factory equipment, $40,000 e. Other manufacturing overhead costs accrued during October, $70,000 The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October 9. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods h Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% above cost Required: 1. Prepare joumal 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. Computo the ending balance in each account, assuming that Work in Process has a beginning balance of $42,000. 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 2 5 6 7 8 9 Raw materials purchased on account, $210,000. Note: Enter debits before credits Transaction General Journal Debit Credit a 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 journa required" in the first account field.) View transaction list Journal entry worksheet Record the raw materials issued to production, $190,000 ($178,000 direct materials and $12,000 indirect materials). Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry Vlew general Journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, sele required in the first account field.) View transaction list Journal entry worksheet 1 2 4 5 6 7 8 9 5 Record the entry for accrued direct labor cost incurred, $90,000; indirect labor cost incurred, $110,000. Note: Enter debits before credits Transaction 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/even required" in the first account field.) View transaction list Journal entry worksheet Depreciation recorded on factory equipment, $40,000. Note: Enter debits before credits. Transaction General Journal Debit Credit d. 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, selec required" in the first account field.) View transaction list Journal entry worksheet
