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The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchase
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Journal entries
No General journal Debit Credit
a. Raw materials 210,000
accounts payable 210,000
b. Work in process inventory 178,000
manufacturing overhead 12,000
Raw materials 190,000
c. Work in process inventory 90,000
manufacturing overhead 110,000
Wages payable 200,000
d. Manufacturing overhead 40,000
Accumulated depreciation 40,000
e. Manufacturing overhead 70,000
Accounts payable 70,000
f. Work in process inventory 240000
manufacturing overhead 240,000
(30000*8)
g. Finished goods 520,000
Work in process inventory 520,000
h. Cost of goods sold 480,000
finished goods 480,000
Accounts receivable 600000
sales (480,000*125%) 600,000
Manufacturing overhead
b. 12,000 f. 240,000
c. 110,000
d. 40,000
e. 70,000
End bal 8,000
Work In process inventory
Beg bal 42,000 g. 520,000
b. 178,000
c. 90,000
f. 240,000
end bal 30,000
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