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

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, $$191,000($ $$152,800$ direct materials and $$38,200$ indirect materials$).$

c$.$ Accrued direct labor cost of $$50,000$ and indirect labor cost of $$21,000.$

d$.$ Depreciation recorded on factory equipment, $$106,000.$

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

f$.$ 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.

g$.$ Jobs costing $$513,000$ were completed and transferred to Finished Goods.

n$.$ Jobs costing $$450,000$ were shipped to customers. These jobs were sold on account at $38\%$ above cost.

Required:

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 account. Compute the ending balance in each account, assuming Work in Process has a beginning balance of $$35,000.$

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record the transactions given above.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Show less $$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

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

Note: Enter debits before credits.

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