The Polaris Company uses a job - order costing system. The following transactions occurred in October: Raw
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Question:
The Polaris Company uses a joborder costing system. The following transactions occurred in October:
Raw materials purchased on account, $
Raw materials used in production, $$ direct materials and $ indirect materials
Accrued direct labor cost of $ and indirect labor cost of $
Depreciation recorded on factory equipment, $
Other manufacturing overhead costs accrued during October, $
The company applies manufacturing overhead cost to production using a predetermined rate of $ per machinehour. A total of machinehours were used in October.
Jobs costing $ were completed and transferred to Finished Goods.
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 $
Related Book For
Discrete Mathematics and Its Applications
ISBN: 978-0073383095
7th edition
Authors: Kenneth H. Rosen
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