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, $189,000 ( $151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine-hour A total of 76,200 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 $451,000 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 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. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. 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.) Journal entry worksheet The Polaris Company uses a job.order costing system. The following uransactions occurred in October, a. Raw materials purchased on account, $211,000 : b. Raw materials used in production, $189,000 (\$151,200 direct moterials and $37,800 indirect moterials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. d. Depreciation fecorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during Octobet, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate or $5 per machine-hour. A total of 76. 200 machine -hours were used in Dctober. 9. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finiahed Goods. h. Jobs that had cost $451,000 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 joumal entules to record the transactions given above, 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant yansactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions given above. (If no entry is recuired for a transacton/event, select "Wo joumal entry required" In the first account field.) Journal entry worksheet Record the raw materials issued to production, $189,000 ( $151,200 direct materials and $37,800 indirect materials). Note: Fiter debits before. aredits Journal entry worksheet Record the entry for accrued direct labor cost incurred, $48,000; indirect labor cost incurred, $22,000. Note: Enter debits before credits. Journal entry worksheet
