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1 Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2) 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, $192.000 ($153,600 direct materials and $38,400 Indirect materials), c Accrued direct labor cost of $50,000 and indirect labor cost of $22,000 d. Depreciation recorded on factory equipment, $104,000 e. Other manufacturing overhead costs accrued during October, $130,000. 1. The company applies manufacturing overhead cost to production using a predetermined rote of $5 per machine-hour. A total of 76,300 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 Jobs that had cost $449.000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% 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 $33,000 Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) No General Journal Credit Transaction a. Debit 210,000 1 3 Raw materials Accounts payable 210,000 2 b. Work in process Manufacturing overhead Raw materials 153,600 38,400 SI OO 192,000 3 C Work in process Manufacturing overhead Salaries and wages payable polo 50,000 22,000 SIS 72.000 4 d. 105,000 Manufacturing overhead Accumulated depreciation 105,000 > 5 129,000 Manufacturing overhead Accounts payable DIS 129,000 X 6 t 459,000 Work in process Manufacturing overhead 459,000 7 9 511,000 Finished goods Work in process 511,000 > 8 h(1) Accounts receivable Sales 576,000 x x 576.000 > 9 h(2) Cost of goods sold Finished goods 450,000 xx 450,000 Required 2 > 1 1 3 3. Kaw materiais purchased on account, $10,000 b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials) c. Accrued direct labor cost of $50,000 and indirect labor cost of $22.000 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 $5 per machine-hour A total of 76,300 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 $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% 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 $33,000 Answer is not complete 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 $33,000 nacturing othead Work in Process 105,000 450,000 37.000 511,000 129.000 153 800 C 38.400 0 49,000 21.000 (1) 459,000 Beg Bal OOO OOOO 2 End B 165,000 End. Bal 187,500 (Required 1