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Chapter 3 Homework 1 S Dons Spiel Check my work mode: This shows what is correct or incorrect for the w The Polar Company uses a job-order costing system. The following transactions occurred in October Raw materials purchased on account $200,000 b. Raw materials used in production, $100.000 ($152.000 direct materials and $38,000 indirect materials) Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $129,000 The company apples manufacturing overhead cost to production using a predetermined rate of 56 per machine-hour, A total of 76100 machine-hours were used in October 9 Jobs costing $511,000 were completed and transferred to Finished Goods Jobs costing $451000 were shipped to customers. These jobs were sold on account at 24% above cost Required: Prepare joumal entries to record the transactions given above 2. Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming Work in Process has a beginning balance of $34.000 Answer is not complete Required Prepare accounts for Manufacturing Overhead and work in acest the relevant transactions from above to each account. Compute the ending balance in each accent, assuming work process has a beginning balanor of $4,000 Complete this question by entering your answers in the tabs below. Ending balance 000 Cred 20,000 12900 0000 4000 O 456 600 O 100

Chapter 3 Homework 1 S Dons Spiel Check my work mode: This shows what is correct or incorrect for the w The Polar Company uses a job-order costing system. The following transactions occurred in October Raw materials purchased on account $200,000 b. Raw materials used in production, $100.000 ($152.000 direct materials and $38,000 indirect materials) Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $129,000 The company apples manufacturing overhead cost to production using a predetermined rate of 56 per machine-hour, A total of 76100 machine-hours were used in October 9 Jobs costing $511,000 were completed and transferred to Finished Goods Jobs costing $451000 were shipped to customers. These jobs were sold on account at 24% above cost Required: Prepare joumal entries to record the transactions given above 2. Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming Work in Process has a beginning balance of $34.000 Answer is not complete Required Prepare accounts for Manufacturing Overhead and work in acest the relevant transactions from above to each account. Compute the ending balance in each accent, assuming work process has a beginning balanor of $4,000 Complete this question by entering your answers in the tabs below. Ending balance 000 Cred 20,000 12900 0000 4000 O 456 600 O 100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I am working on T accounts for the Polaris Company using a job-cost order and I am stuck on this attached problem. Can you show me how to find the missed problems. Thank you. 

Chapter 3 Homework 1 S Dons Spiel Check my work mode: This shows what is correct or incorrect for the w The Polar Company uses a job-order costing system. The following transactions occurred in October Raw materials purchased on account $200,000 b. Raw materials used in production, $100.000 ($152.000 direct materials and $38,000 indirect materials) Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $129,000 The company apples manufacturing overhead cost to production using a predetermined rate of 56 per machine-hour, A total of 76100 machine-hours were used in October 9 Jobs costing $511,000 were completed and transferred to Finished Goods Jobs costing $451000 were shipped to customers. These jobs were sold on account at 24% above cost Required: Prepare joumal entries to record the transactions given above 2. Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming Work in Process has a beginning balance of $34.000 Answer is not complete Required Prepare accounts for Manufacturing Overhead and work in acest the relevant transactions from above to each account. Compute the ending balance in each accent, assuming work process has a beginning balanor of $4,000 Complete this question by entering your answers in the tabs below. Ending balance 000 Cred 20,000 12900 0000 4000 O 456 600 O 100 <Required 0000 Credit 34.000 5110000 0000 L 0 Evey 13 No
Transcribed Image Text:Chapter 3 Homework 1 S Dons Spiel Check my work mode: This shows what is correct or incorrect for the w The Polar Company uses a job-order costing system. The following transactions occurred in October Raw materials purchased on account $200,000 b. Raw materials used in production, $100.000 ($152.000 direct materials and $38,000 indirect materials) Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $129,000 The company apples manufacturing overhead cost to production using a predetermined rate of 56 per machine-hour, A total of 76100 machine-hours were used in October 9 Jobs costing $511,000 were completed and transferred to Finished Goods Jobs costing $451000 were shipped to customers. These jobs were sold on account at 24% above cost Required: Prepare joumal entries to record the transactions given above 2. Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming Work in Process has a beginning balance of $34.000 Answer is not complete Required Prepare accounts for Manufacturing Overhead and work in acest the relevant transactions from above to each account. Compute the ending balance in each accent, assuming work process has a beginning balanor of $4,000 Complete this question by entering your answers in the tabs below. Ending balance 000 Cred 20,000 12900 0000 4000 O 456 600 O 100 <Required 0000 Credit 34.000 5110000 0000 L 0 Evey 13 No
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