Required 1:
Transaction | General Journal | Debit | Credit |
a) | Raw materials | $ 209,000 | |
Accounts payable | $ 209,000 | ||
(To record Purchase of raw materials ) | |||
b) | Work in process | $ 152,800 | |
Manufacturing overhead | $ 38,200 | ||
Raw Materials | $ 19,000 | ||
(To record Raw materials used in production ) | |||
c) | Work in process | $ 48,000 | |
Manufacturing overhead | $ 20,000 | ||
Salaries and wages payable(48,000+20,000) | $ 68,000 | ||
( To record accrued salaries and wages ) | |||
d) | Manufacturing overhead | $ 105,000 | |
Accumulated Depreciation | $ 105,000 | ||
(To record depreciation on factory equipment) | |||
e) | Manufacturing overhead | $ 130,000 | |
Accounts payable | $ 130,000 | ||
(To record Accrued other manufacturing overhead) | |||
f) | Work in process (76,000*$ 6) | $ 456,000 | |
Manufacturing overhead | $ 456,000 | ||
(to record manufacturing overhead cost applied to production ) | |||
g) | Finished goods | $ 511,000 | |
Work in process | $ 511,000 | ||
(To record job cost is completed and transferred to finished goods) | |||
h)1) | Cost of goods sold | $ 448,000 | |
Finished goods | $ 448,000 | ||
(To record cost of goods sold ) | |||
h)2) | Accounts receivable (448,000 *124%) | $ 555,520 | |
Sales | $ 555,520 | ||
(To record sales of goods at profit 24 % on cost ) |
Required 2:
Manufacturing Overhead | Work in process | |||||||
b) | $ 38,200 | $456,000 | f) | Beg.Bal. | $ 36,000 | |||
c) | $ 20,000 | b) | $ 152,800 | $ 511,000 | g) | |||
d) | $ 105,000 | c) | $ 48,000 | |||||
e) | $ 130,000 | f) | $ 456,000 | |||||
End.Bal. | $ 162,800 | End.Bal. | $ 181,800 |
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. 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 $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per...
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 $20,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per...
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 $20,000. 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...
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, $191,000 ($152,800 direct materials and $38,200 indirect materials). C. Accrued direct labor cost of $48,000 and indirect labor cost of $20,000. d. 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...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). C. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $209,000. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,200 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,300 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $209,000 b. Raw materials used in production. $191,000 ($152.800 direct materials and $38.200 indirect materials) c. Accrued direct labor cost of $48.000 and indirect labor cost of $21.000 d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October $130.000 The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine...
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) Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $209,000. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,300 machine-hours...