Business, 26.09.2019 16:30 Joejar63

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, $190,000 ($178,000 direct materials and $12,000 indirect materials). accrued direct labor cost of $90,000 and indirect labor cost of $110,000. depreciation recorded on factory equipment, $40,000. other manufacturing overhead costs accrued during october, $70,000. the company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. a total of 30,000 machine-hours were used in october. jobs costing $520,000 according to their job cost sheets were completed during october and transferred to finished goods. jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. these jobs were sold on account at 25% 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 $42,000.

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Answer from: jakhunter354

1. Prepare journal entries to record the transactions given above

2. Prepare T-accounts for Manufacturing Overhead and Work in Process.

Explanation:

Debit Raw Material210.000

Credit Account Payable 210.000

raw materials purchased on account, $210,000

Debit Work in process 178.000

Debit manufacturing overhead12.000

Credit Raw material 190.000

Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials)

Debit Work in process 90000

Debit manufacturing overhead110000

Credit Sales ans wages salaries 200000

Accrued direct labor cost of $90,000 and indirect labor cost of $110,000.

Debit manufacturing overhead40000

Credit Acummulate depreciation 40000

Depreciation recorded on factory equipment, $40,000.

Debit manufacturing overhead70000

Credit Account Payable 70000

Other manufacturing overhead costs accrued during October, $70,000.

Debit Work in process240000

Credit manufacturing overhead 240000

The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October

Debit Finished goods520000

Credit Work in process 520000

Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods

Debit Cost of goods480000

Credit Finished Goods 480000

Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month.

Debit Account receivable600000

Credit Sales 600000

These jobs were sold on account at 25% above cost.

Manufacturing Overhead

DebitCredit

212.0002400006

3110000

440000

570000

232.000240.000

Ending Balance 8.000

Work in process

Begining Balance42000

2178.0005200007

390000

6459000

769.000520.000

Ending Balance249.000

Answer from: Quest

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability

Answer from: Quest

answer; rapid growth in buyer demand and high buyer switching cost;

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The polaris company uses a job-order costing system. the following transactions occurred in october:...

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