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WHAT is missing here ? Exercise 3 - 5 ( Algo ) Journal Entries and T - accounts [ LO 3 - 1 , LO
WHAT is missing here Exercise Algo Journal Entries and Taccounts LO LO
The Polarls Company uses a joborder costing system. The following transactions occurred in October:
a Raw materlals purchased on account, $
b Raw materlals used in production, $ $ direct materlals and $ indirect materials
c Accrued direct labor cost of $ and Indirect labor cost of $
d Depreclation recorded on factory equipment, $
e Other manufacturing overhead costs accrued during October, $
f The company applies manufacturing overhead cost to production using a predetermined rate of $ per machinehour. A total of
machinehours were used in October.
g Jobs costing $ were completed and transferred to Finished Goods.
h Jobs costing $ were shipped to customers. These jobs were sold on account at above cost.
Required:
Prepare journal entries to record the transactions given above.
Prepare Taccounts for Manufacturing Overhead and Work In Process. Post the relevant transactions from above to each account.
Compute the ending balance in each account, assuming Work In Process has a beginning balance of $
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Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in
each account, assuming Work in Process has a beginning balance of $PLEASE
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