Question: please help solve requirements 1-2 and i will give a thumbs up The Polaris Company uses a job-order costing system. The following transactions occurred in

please help solve requirements 1-2 and i will give a thumbs up
please help solve requirements 1-2 and i will give a thumbs up
The Polaris Company uses a job-order costing system. The following transactions occurred
in October: a. Raw materials purchased on account, $209,000. b. Raw materials
used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c.
Accrued direct labor cost of $49,000 and indirect labor cost of $22,000.
d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs
accrued during October, $130,000. f. The company applies manufacturing overhead cost to
production using a predetermined rate of $6 per machine-hour. A total of
76,000 machine-hours were used in October. g. Jobs costing $512,000 according to
their job cost sheets were completed during October and transferred to Finished
Goods. h. Jobs that had cost $450,000 to complete according to their

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 32% above cost. 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 balance in each account, assuming that Work in Process has a beginning balance of $36,000. Complete this question by entering your answers in the tabs below. Required 1 Required 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 transaction list les Journal entry worksheet 1 2 5 6 Raw materials purchased on account, $209,000. Note: Enter debits before credits. Transaction General Journal 7 8 Debit Credit Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!