The Polaris Company uses a job-order costing system. The foliowing transactions occurred in October a. Raw...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Polaris Company uses a job-order costing system. The foliowing 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 $49,000 and indirect labor cost of $22,000 d. Depreciation recorded on factory equipment, $104,000 e Other manufacturing overhead costs accrued during October, $129,000 1. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76.200 machine-hours were used in October g 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 monith. These jobs were sold on account at 30% above cost 28 ok 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 balarce in each account, assuming that Work in Process has a beginning balance of $36,000, rences Complete this question by entering your answers in the tabs below. Required i Meguired 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.) View transaton Journal entry worksheet 16 <> Raw materials purchased on account, s209,000. The Polaris Company uses a job-order costing system. The foliowing 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 $49,000 and indirect labor cost of $22,000 d. Depreciation recorded on factory equipment, $104,000 e Other manufacturing overhead costs accrued during October, $129,000 1. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76.200 machine-hours were used in October g 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 monith. These jobs were sold on account at 30% above cost 28 ok 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 balarce in each account, assuming that Work in Process has a beginning balance of $36,000, rences Complete this question by entering your answers in the tabs below. Required i Meguired 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.) View transaton Journal entry worksheet 16 <> Raw materials purchased on account, s209,000.
Expert Answer:
Answer rating: 100% (QA)
Journal entry SNo General Journal Debit Credit a Raw Material Inventory 209000 Account Payable 20900... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
Students also viewed these accounting questions
-
The Brinker Company uses a job order costing system at its local plant. The plant has a machining department and a finishing department. The company uses machine hours to allocate machining...
-
The Gonzalez Company uses a job order costing system at its plant in Green Bay, Wisconsin. The plant has a machining department and a finishing department. The company uses two cost driver rates for...
-
The Leblanc Company employs a job order costing system to account for its costs. The company has three production departments. Separate departmental cost driver rates are employed because the demand...
-
A team of workers will build a wall of 400 m in 15 days if they work 8 hours every day. How long will they take if the wall has 600 m and they work 10 hours every day?
-
Use the Poisson formula to solve for the probabilities of the following Poisson distribution problems. a. If =1.25, what is the probability that x = 4? b. If = 6.37, what is the probability that x ...
-
Are the effects of some types of pollution always immediately apparent? Why or why not? Give an example.
-
Fab and Fast Ltd buys and sells motor vehicle accessories. The firms estimated sales and expenses for the first 4 months of 2025 are shown below. Actual sales for December 2024 were $900000 and...
-
On January 1, 2014, Boston Company completed the following transactions (use a 7 percent annual interest rate for all transactions): a. Borrowed $115,000 for seven years. Will pay $6,000 interest at...
-
Criminal possession of a weapon in the second degree. A person is guilty of criminal possession of a weapon in the second degree when: (1) with intent to use the same unlawfully against another, such...
-
Carl Kay is the vice-president of KM Ltd., a Canadian-controlled private corporation located in Halifax, Nova Scotia. KM operates a real estate development business constructing and selling...
-
Bohemian Ltd. uses the traditional inventory system. The company is looking into a Just In Time (JIT) system and requires a return on investment of 15%. The company has determined the following...
-
Carmen Company used $30,000 in cash to repay a portion of its bank loan (see PE 3-11). For simplicity, assume that there is no interest on the loan. Make the journal entry necessary to record the...
-
Obtain the surface pressure and downwash expressions in terms of acceleration potential.
-
As of January 1, 2022, Gammon Corporation had the following balances in its general ledger: Gammon had the following transactions during 2022. All expenses were paid in cash, unless otherwise stated....
-
Management runs the operation of a company with little or even no investment of money in the company, while investors (shareholders) invest their money in the company without paying attention to the...
-
What is gas welding? Explain with a neat sketch of welding torch and various flames.
-
Define array x of 10 elements, insert by the keyboard a number n, print on the screen the first nth elements of the array x Example X db 3,4,6,5,4,8,9,2,1,4 Enter a numbers 4 Output 3465
-
Evaluate the function at the given value(s) of the independent variable. Simplify the results. (x) = cos 2x (a) (0) (b) (- /4) (c) (/3) (d) ()
-
Suppose a manager can reduce the processing time for loan applications by reducing the amount of time the application awaits action. How does the reduction add value to the organization?
-
What are the dangers of using only business unit measures to evaluate the performance of business unit managers?
-
Refer to the information in Exercise 7-23. Prepare an entry to allocate the under- or over-applied overhead. Overhead applied in each of the inventory accounts is as follows: Work-in-process...
-
Another example of the method uses flow past a cylinder of radius, \(R\), and its image to simulate the flow of fluid past a cylinder that lies close to a plane wall. The situation is shown in Figure...
-
Previously, we solved Laplace's equation using separation of variables for the velocity potential about a cylinder with circulation. The solution was of the form: \[\phi=c_{1}...
-
What would the stream function and velocity potential look like for the combination of plane flow and a tornado? Sketch the flow field. Is it realistic? Comment on the event horizon and escape...
Study smarter with the SolutionInn App