1 Ts Ebook Hint Print Ferences W The Polaris Company Uses A Job Order Costing System The Following Transactions Occurre 1 (44.29 KiB) Viewed 9 times
1 Ts Ebook Hint Print Ferences W The Polaris Company Uses A Job Order Costing System The Following Transactions Occurre 2 (31.33 KiB) Viewed 9 times
1 ts eBook Hint Print ferences w 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, $191,000 ($152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,300 machine-hours were used in October g. Jobs costing $515,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% 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 $37,000. Complete this quest Assessment Tool iFrame ir answers in the tabs below. 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 View journal entry worksheet Prev 1 of 4 Check my work Next > Jense Hand 2
Check my work 1 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 $37,000. Complete this question by entering your answers in the tabs below. ints eBook Hint Print eferences 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 accourt, assuming that Work in Process has a beginning balance of $37,000. Manufacturing Overhead Work in Process Beg bal End. bal. Beg. bal. End. bal. < Required 1 Required 2 >
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