The Polaris Company uses a job-order costing system. The following transactions occurred in October b. 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 following transactions occurred in October b. Raw materials used in production, $191.000 (S152,800 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. 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 month. These jobs were sold on account at 30% above cost Required: 1 Prepare journal entries to record the transactions given above 2. 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 that Work in Process has a beginning balance of $36.000 Complete this question by entering your answers in the tabs below. Required i Keguired 2 Prepare journal entries to record the transactions given above. (af no entry is required for a transaction/event, select No journal entry requlred in the first account field.) View transacton b Journal entry worksheet Raw materials purchased on a4ccount, s209,00. The Polaris Company uses a job-order costing system. The following transactions occurred in October b. Raw materials used in production, $191.000 (S152,800 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. 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 month. These jobs were sold on account at 30% above cost Required: 1 Prepare journal entries to record the transactions given above 2. 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 that Work in Process has a beginning balance of $36.000 Complete this question by entering your answers in the tabs below. Required i Keguired 2 Prepare journal entries to record the transactions given above. (af no entry is required for a transaction/event, select No journal entry requlred in the first account field.) View transacton b Journal entry worksheet Raw materials purchased on a4ccount, s209,00.
Expert Answer:
Answer rating: 100% (QA)
1 Journal Entry Date Account title Explanation Debit Credit a Raw material 209000 To accounts Paya... 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...
-
1. About 99 percent of the world's population lives outside Canada, but many Canadian companies, especially small businesses, still do not engage in global trade. Why not? Do you think more small...
-
What is the purpose of a materials requisition form? What information should it contain?
-
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department...
-
Use R to create a randomization scheme to randomize 222 subjects to three treatments such that there are an equal number of subjects assigned to each treatment. You may use the functions developed in...
-
Management is responsible for the integrity and objectivity of the financial information included in this report. The financial statements have been prepared in accordance with accounting principles...
-
The balance sheets for Monitor World Corporation and additional information are provided below. MONITOR WORLD CORPORATION Balance Sheets December 3 1 , 2 0 2 4 and 2 0 2 3 2 0 2 4 2 0 2 3 Assets...
-
"Part 1: The Performance Lawn Equipment database contains data needed to develop a pro forma income statement. Dealers selling PLE products all receive 18% of sales revenue for their part of doing...
-
The following Table shows Michael's monthly demand for "Bubbly" mineral water boxes. (MWTP = Marginal Willingness To Pay.) Q 1 2 3 4 5 6 7 MWTP $60 $45 $40 $38 $35 $30 $12 P= $20 If the price is $20...
-
3. Consider the following pseudo-code in an imperative language: int x = 1, n = 1; function f () { int x = 3; function g (int c,d) { c = c-1; print (c,d,x,n); } /* end of g */ /* body of f */ g(x,x);...
-
What is the output of this C program? Explain. #include int main(void) { char x = 100; double y = 3.1415926; char *p = &x; double *q=&y; printf("p is %d, q is %d.", sizeof(p), sizeof(q)); return 0;
-
4. Suppose that a hard disk's heads are at cylinder 50 and requests have been queued for the following cylinders: 1, 57, 46, 104, 18, 60, 93, 32, 112. a. Give the order and the total number cylinders...
-
79. Prove that if p is a prime number and r is an integer with () 0
-
What is the complexity of given code segment below? public static void whoknows(int[][] arr) { for (int i = 0; i < arr.length; i++) { for (int j = 0; j
-
Robert Blitt in the article "Who will watch the watchdogs?" makes which among the following claims? 1-Nongovernmental organizations are never competent to work in the area of human rights...
-
B made an issue of 150,000 $1 ordinary shares at a premium of 20% the proceeds of which is received by cheque. What is the correct journal to record this? A. Bank Share capital Share premium B. Bank...
-
Tosca Beverages reports the following information for July: Units produced and sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,800 Per unit revenue and costs: Sales revenue. . . . . ....
-
Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and the scientific model is the Sci-X. Both models are assembled in the same plant and require the same...
-
Bouwens Corporation manufactures a solvent used in airplane maintenance shops. Bouwens sells the solvent to both U.S. military services and commercial airlines. The solvent is produced in a single...
-
The von Neumann entropy satisfies a further inequality among three systems called strong subadditivity. \({ }^{20}\) As with subadditivity, strong subadditivity is only a property of the von Neumann...
-
We had stated in this chapter that the general Rnyi entropies do not satisfy subadditivity; only the von Neumann entropy does. In Example 12.2 , we constructed an explicit counterexample for the Rnyi...
-
In our analysis of hydrogen in Chap. 9, we discussed the period of recombination, the time in the history of the universe at which protons and electrons became bound and formed neutral hydrogen. We...
Study smarter with the SolutionInn App