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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, $$211,000.$

b$.$ Raw materials used in production, $$190,000($ $$152,000$ direct materials and $$38,000$ indirect materials$).$

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

d$.$ Depreciation recorded on factory equipment, $$104,000.$

e$.$ Other manufacturing overhead costs accrued during October, $$129,000.$

f$.$ The company applies manufacturing overhead cost to production using a predetermined rate of $$6$ per machine$-$ho $76,300$ machine$-$hours were used in October.

g$.$ Jobs costing $$511,000$ according to their job cost sheets were completed during October and transferred to Finishec

h$.$ Jobs that had cost $$450,000$ to complete according to their job cost sheets were shipped to customers during the $n$ jobs were sold on account at $22\%$ 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 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 $1$

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.$)$

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,$a$.,\backslash$table$[[$Raw materials$],[$Accounts navablo$]],x,],[,,$Accounts payable,,$$