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

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Journal entry
Account Titles and Explanations Debit   Credit  
1 a. Raw materials inventory $       2,10,000
Accounts payable $       2,10,000
(To record purchase of raw materials)
2 b. Work in process $       1,52,800
Manufacturing overhead $          38,200
Raw materials inventory $       1,91,000
(To record raw materials used in production)
3 c. Work in process $          49,000
Manufacturing overhead $          20,000
Salaries and wages payable $          69,000
(To record direct and indirect labor costs)
4 d. Manufacturing overhead $       1,05,000
Accumulated depreciation - Factory equipment $       1,05,000
(To record depreciation on factory equipment)
5 e. Manufacturing overhead $       1,31,000
Accounts payable $       1,31,000
(To record other manufacturing overhead costs incurred)
6 f. Work in process $       5,34,100
Manufacturing overhead ( $7 × 76,300) $       5,34,100
(To record manufacturing overhead applied during production)
7 g. Finished goods $       5,13,000
Work in process $       5,13,000
(To record jobs completed)
8 h (i) Cost of goods sold $       4,50,000
Finished goods $       4,50,000
( To record cost of goods sold)
9 h (ii) Accounts receivable $       6,03,000
Sales ($450,000 × 134%) $       6,03,000
(To record sales of completed job)
Particulars Manufacturing Overhead Particulars Work in Process
Raw materials inventory $             38,200 work in process $      5,34,100 Beg. Balance $           36,000
Salaries and wages payable $             20,000 Raw materials inventory $        1,52,800 Finished goods $ 5,13,000
Accumulated depreciation - Factory equipment $          1,05,000 Salaries and wages payable $           49,000
Accounts payable $          1,31,000 Manufacturing overhead $        5,34,100
End. Bal. $      2,39,900 End. Bal.

$2,58,900

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