Question

Check my 3 Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] 10 The Polaris Company uses a job-order costing system. The following transactions occurred in October: points 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, $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. 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 $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. eBook Hint Print References 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 $34,000. Complete this question by entering your answers in the tabs below. Required 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 $34,000. Manufacturing Overhead Work in Process a. Beg. Bal. C d. :e. End, Bal. End. Bal. Required 2 > Required 1

Answer 1

Joumal Enies I. FDebicredit Partaslars Raw material Imeulory To Account payable Beiug purhase Baw wateials AcceutJ Dale $ L09000 Ale a. fu precess Inveutby ak Mawufadtiring To Ras malerialIovenlory Reng to Record materials used] DY $ 37800 pY overhaad e 수49,000 work in process Inveubry Ae Mamafactaring 수오오,co0 oveyhead Ae 후기,000 TO Saaries aud wogas paypble eegAssign fadty labeur te pYcduztion 1ooo0 Manufackering overdead al TO Accumu latal Deprecialion Dr cl. Equei ponent cing o Becord Depeciolien faday equipment Manefactiring overhead To Accouts payabe $130,000 e. D3 수13000d Leng Ha uufactaring overhaad Accuved oork iu procass i- DY 1수52 101 Mane factring ourhead Being avafadring overhaad to CS Scal Aredichon CarS

partieulors |Dala LF Debitcredit Fuished goods teley 는 514c00 Do 54.000 iaventry TO k iu pYocess oing do vecond compeion g prodecii h4.cast f goods sold $449.000 Ab Te pinished goeds inveatoy o ecod cost 4gads eofh DY $um.cco h.2AccoutPeceivables Lipney cco Sales $574720 574790 ecng To Yecod ale &preductJ| fackaring cverhead Hanu paytieulars 기 Awouu내 portieulars JLAwauuhafe Date 7DRaomalerial inven ry By ort nu procesa ao $21800 TO Salaries & uages Pagable d To De preciolieu eqipwent e. To Accounts Pryni13000 To Balauc bld 422000 $104,000 수오40.300 oThCS $2 HO0 5534I00 Dy Ralance d Scanned with CamScanner

work iuventory parkaulors in process Pastioulars eginig balance iaterial 52 Anout 리Auatl Dae TO 40cdFisled goods iuven bry 5000 JO Rau 151900 6l8300 uce 70 salaries & soges o Hauufacivingg overhead 22,300 Balance d cs Sanned with CamScanner