1 answer

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw...

Question:

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchasRequired 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transactComplete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare T-accounts for Manufacturing

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, $192,000 ($153,600 direct materials and $38,400 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. 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 76,400 machine-hours were used in October g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% 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 $35,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2
Required 1 Required 2 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Raw materials purchased on account, $211,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 >
Complete this question by entering your answers in the tabs below. 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 en balance in each account, assuming that Work in Process has a beginning balance of $35,000. Manufacturing Overhead Work in Process Beg. Bal. End. Bal. End. Bal. < Required 1 Required 2 >

Answers

1)

Transaction General Journal Debit Credit
a. Raw materials $211000
Accounts payable $211000
(To record raw materials purchased on account)
b. Work in process $153600
Manufacturing overhead $38400
Raw materials $192000
(To record raw materials used in production)
c. Work in process $49000
Manufacturing overhead $21000
Salaries and wages payable $70000
(To record labor cost accrued)
d. Manufacturing overhead $106000
Accumulated depreciation- Factory equipment $106000
(To record depreciation on factory equipment)
e. Manufacturing overhead $130000
Accounts payable $130000
(To record other manufacturing overhead costs accrued)
f. Work in process (7*$76400) $534800
Manufacturing overhead $534800
(To record manufacturing overhead applied)
g. Finished goods $511000
Work in process $511000
(To record work in process transferred to finished goods)
h (1) Accounts receivable ($450000*136%) $612000
Sales revenue $612000
(To record sales on account)
h (2) Cost of goods sold $450000
Finished goods $450000
(To record cost of goods sold)

2)

Manufacturing Overhead Work in Process
b. $38400 534800 f. Beg. Bal. $35000
c. 21000 b. 153600 511000 g.
d. 106000 c. 49000
e. 130000 f. 534800
End. Bal. 239400
End. Bal. $261400
.

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