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Business, 21.02.2020 23:53 naomicervero

Journal Entries and T-accounts [LO3-1, LO3-2] 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, $189,000 ($151,200 direct materials and $37,800 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, $130,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,400 machine-hours were used in October g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 34% above cost. Required: 1. Prepare journal entries to record the transactions given above

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Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. T...

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