Question

Mamal Environmental Sci YouTube vercises (1 pt Saved Help Save & Exit Check 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, $188,000 ($150,400 direct materials and $37,600 indirect materials), c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000, d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October $130,000, 1. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine hour. A total of 76,400 machine-hours were used in October g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $451000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% 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 2 Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant transactions from above to each account. Compute the end < Prey 3 of 4 Next > MacBook Air 4. 80 23 88 F 09 Fe DU FB 82 A C 2 $ 4 3 - 5 & 7 6 8 ) 0 9 W E R T Y U O Р S D F G H J к L X c 17 C

Answer 1

Credit Requirement (1) Transaction General Journal a. Raw Materials Accounts Payable Debit $ 210,000 Requirement (2) Work in process beg Bal. $ 35,000 $ 510,000 g. b. $ 150,400 C. $ 50,000 f. $ 458,400 $ 210,000 b. Work in process Manufacturing Overhead Raw Materials $ 150,400 $ 37,600 $ 188,000 End Bal. $ 183,800 C. Manufacturing Overhead Work in process Manufacturing Overhead Salaries and wages payable $ 50,000 $ 21,000 $ 71,000 b. C. $ 37,600 $ 458,400 f. $ 21,000 $ 105,000 $ 130,000 d. $ 105,000 Manufacturing overhead Accumulated Depreciation - Equipment d. $ 105,000 e. e. $ 130,000 End Bal. $ 164,800 Manufacturing overhead accounts payable $ 130,000 f. $458,400 Please comment down for any further assistance. Work in process Manufacturing Overhead $ 458,400 g. Finished Goods Work in Process $ 510,000 $ 510,000 (h) Cost of goods sold Finished goods $ 451,000 $ 451,000 Accounts Receivable Sales $631,400 $631,400