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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, $209,000 b. Raw materials used
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. $191,000 ($152.800 direct materials and $38.200 indirect materials) c. Accrued direct labor cost of $48.000 and indirect labor cost of $21.000 d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October $130.000 The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine hour. A total of 76,000 machine-hours were used in October. 9. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $448,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% 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 $36.000 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 $36,000. Manufacturing Overhead Work in Process Beg Bal. End. Bal. End. Bal.
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