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Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October es a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). c. Accrued direct labor cost of $48,000 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 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. 9. 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. 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 $34,000. Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work In Process. Post the relevant transactions from above to each account. Ce balance in each account, assuming that Work in Process has a beginning balance of $34,000. Manufacturing Overhead Work In Process Beg. Bal End. Bal End. Bal.

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