xercise $3-5($Algo$)$ Journal Entries and T$-$accounts $[$LO$3-1,$ LO$3-2]$

he Polaris Company uses a job$-$order costing system. The following transactions occurred in October:

Raw materials purchased on account, $$210,000.$

Raw materials used in production, $$188,000($ $$150,400$ direct materials and $$37,600$ indirect materials$).$

$.$ Accrued direct labor cost of $$49,000$ and indirect labor cost of $$22,000.$

Depreciation recorded on factory equipment, $$105,000.$

Other manufacturing overhead costs accrued during October, $$131,000.$

The company applies manufacturing overhead cost to production using a predetermined rate of $$6$ per machine$-$hour. A total of $76,100$ machine$-$hours were used in October.

Jobs costing $$511,000$ according to their job cost sheets were completed during October and transferred to Finished Goods.

Jobs that had cost $$447,000$ to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at $38\%$ above cost.

equired:

Prepare journal entries to record the transactions given above.

Prepare T$-$accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each ccount. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $$34,000.$

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 fir account field.$)$

Journal entry worksheet

$1$

$2$

$3$

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$5$

$6$

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$9$

Raw materials purchased on account, $$210,000.$

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$