Please help, thank you! 🙂 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, $192,000 ($153,600 direct materials and $38,400 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, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $513,000 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 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. Work in process Manufacturing overhead Salaries and wages payable 50,000 21,000 71,000 106,000 Manufacturing overhead Accumulated depreciation 106,000 e. 129,000 Manufacturing overhead Accounts payable 129,000 761,000 Work in process Manufacturing overhead 761,000 g. 513,000 Finished goods Work in process 513,000 h(1). 513,000 $ Cost of goods sold Finished goods 513,000 > h(2). 594,000 X Accounts receivable Sales 594,000 Required 1 Required 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. Beg. Bal. C. b. Manufacturing Overhead 38,400 21,000 105,000 X 130,000 X 458,400 752,800 Work in Process 34,000 153,600 49,000 X 458,400 X 511,000 End. Bal. End. Bal. 1,206,000

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