# The Polaris Company uses a job-order costing system- The following tra (2).docx

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, \$188 , 000 ( \$150 , 400 direct materials and \$37 , 600 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, \$130 , 000 . f. The company applies manufacturing overhead cost to production using a predetermined rate of \$7 per machine-hour. A total of 76,300 machine-hours were used in October. 9. Jobs costing \$512 , 000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost \$449 , 000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 20% above cost. Required: 1. Prepare joumal 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 \$34 , 000 . Complete this question by entering your answers in the tabs below. 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.) Requlred: 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 \$34 , 000 . Complete this question by entering your answers in the tabs below. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute th each account, assuming that Work in Process has a beginning balance of \$34 , 000 . .

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### The Polaris Company uses a job-order costing system- The following tra (2).docx

• 1. 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, \$188 , 000 ( \$150 , 400 direct materials and \$37 , 600 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, \$130 , 000 . f. The company applies manufacturing overhead cost to production using a predetermined rate of \$7 per machine-hour. A total of 76,300 machine-hours were used in October. 9. Jobs costing \$512 , 000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost \$449 , 000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 20% above cost. Required: 1. Prepare joumal 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 \$34 , 000 . Complete this question by entering your answers in the tabs below. 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.) Requlred: 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 \$34 , 000 . Complete this question by entering your answers in the tabs below. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute th each account, assuming that Work in Process has a beginning balance of \$34 , 000 .
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