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Question: he polaris company uses a joborder costing system the following...

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

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, $189,000 ($151,200 direct materials and $37,800 indirect materials) c. Accrued direct labor cost of $49,000 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. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $448,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% 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.

Required 1Required 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 Journal entry worksheet Raw materials purchased on account, $209,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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 ending balance in each account, assuming that Work in Process has a beginning balance of $35,000. Manufacturing Overhead Work in Process Beg. Bal End. Bal. End. Bal

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