The Polaris Company uses a job-order costing system. The following transactions occurred in October 25 points a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 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, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,100 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 26% above cost. eBook Print References 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 $35,000. 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 View journal entry worksheet No Transaction General Journal Credit Debit 210,000 Raw materials Accounts payable 210,000 151,200 Work in process Manufacturing overhead Raw materials 37,800 189,000 3c Work in process Manufacturing overhead 49.000 20,000 Salaries and wages payable 69,000 d. 106,000 Manufacturing overhead Accumulated depreciation 106,000 Manufacturing overhead _131,000 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 View journal entry worksheet No Transaction General Journal Credit Debit 210,000 Raw materials Accounts payable 210,000 151,200 Work in process Manufacturing overhead Raw materials 37,800 189,000 Work in process Manufacturing overhead Salaries and wages payable 49,000 20,000 69,000 106,000 Manufacturing overhead Accumulated depreciation 106,000 un 131,000 Manufacturing overhead Accounts payable 131,000 684,900 Work in process Manufacturing overhead 684,900 7 512,000 Finished goods Work in process 512,000 8 h(1). Cost of goods sold 450,000 450,000 (2). Accounts receivable 567,000 Sales 567,000 Complete this question by entering your answers in the tabs below. Required 1 Required 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 $35,000. Beg. Bal. Manufacturing Overhead 37,8001 684,900 20,000 106,000 131,000 Work in Process 35,000 151,200 512,000 g. 49,000 684,900 End. Bal. 390,100 End. Bal. 408,100 Required 1 Required 2 >
