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

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The Polaris Company Uses A Job Order Costing System The Following Transactions Occurred In October A Raw Materials Pu 1 (34.61 KiB) Viewed 6 times

The Polaris Company Uses A Job Order Costing System The Following Transactions Occurred In October A Raw Materials Pu 2 (58.14 KiB) Viewed 6 times

The Polaris Company Uses A Job Order Costing System The Following Transactions Occurred In October A Raw Materials Pu 3 (68.53 KiB) Viewed 6 times

The Polaris Company Uses A Job Order Costing System The Following Transactions Occurred In October A Raw Materials Pu 4 (33.93 KiB) Viewed 6 times

The Polaris Company Uses A Job Order Costing System The Following Transactions Occurred In October A Raw Materials Pu 5 (33.93 KiB) Viewed 6 times

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. 3. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. 1. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October. 3. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $453,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost.
1 2 3 Raw materials purchased on account, $210,000. Record the raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $21,000. Depreciation recorded on factory equipment, $105,000. 5 Other manufacturing overhead costs accrued during October, $129,000.
5 Other manufacturing overhead costs accrued during October, $129,000. 6 The company applies manufacturing overhead cost to production on the basis of $9 per machine-hour. A total of 76,200 machine-hours were recorded for October. 7 Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Record the cost of goods sold. 8 9 Record the sales on account.
Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Cor each account, assuming that Work in Process has a beginning balance of $37,000. Manufacturing Overhead Beginning balance Ending balance Debit Credit Debit Beginning balance Ending balance Work in Process Credit