Assignment ResultsX+ v Exercise 2-9 Journal Entries and T-accounts [LO2-2, LO2-4

Question

Assignment ResultsX+ v Exercise 2-9 Journal Entries and T-accounts [LO2-2, LO2-4, LO2-5 The Polaris Company uses a job-order costing system. The following data relate to October, the fist month of the company's fiscal year a Raw materials purchased on account, $210,000 b Raw materials issued to production, $190,000 ($178,000 direct materials and $12,000 indirect materials) c. Direct labor cost incurred, $90,000, indirect labor cost incurred, $110,000 d Depreciation recorded on factory equipment, $40,000 e Other manufacturing overhead costs incurred during October, $70,000 (credit Accounts Payable). f The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour A g Production orders costing $820,000 according to theik job cost sheets were completed during October h Production orders that had cost 5480,000 to complete according to their job cost sheets were shipped to total of 30,000 machine-hours were recorded for October and transferred to Finished Goods customers during the month These goods were sold on account at 2S% above cost 1. Prepare jounal entries to record the information given above (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit a.Raw materials inventory 210,000 Accounts payable 210,000 153,600 38,400 Work in process Raw materials inventory 192,000 48,0000 20,000 Work in process Salaries and wages payable 68 000 O Type here to search

Explanation / Answer

        Manufacturing overhead

Work in process

Transaction Accounts title Dr Cr a Raw material 210000 To Accounts payable 210000 b Work in process 178000 Manufacturing overhead 12000 To Raw material 190000 c Work in process 90000 Manufacturing overhead 110000 To salaries and wages payable 200000 d Manufacturing overhead 40000 To Accumulated depreciation 40000 e Manufacturing overhead 70000 To Accounts payable 70000 f Work in process [$8 * 30000] 240000 To Manufacturing overhead 240000 g Finished goods 520000 To Work in process 520000 h 1 cost of goods sold 480000 To Finished goods 480000 h 2 Accounts receivable 600000 To sale [480000*1.25] 600000

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