Connect-Class Acct 321 Mane, Gen Y vsGen Z-oogle Dexs O):Hand-In problem X x Pra

Question

Connect-Class Acct 321 Mane, Gen Y vsGen Z-oogle Dexs O):Hand-In problem X x Praine Federal Credi Investons ManagemeMSU-Current Stude D CampusConnection Ch 3 Hand-in Probilem Apps Mail brock green Minot State Universi 5 The Polarns Company uses a job-order costing sysem. The tollowing transactions occured in October a Raw masterials purchased on account. $210.000 b Raw materiols used in producton. $190000 5%2.000 drect materials and $38,000 rd rect matenals c Accrued direct labor cost of $48,000 and indirect labor cost of $22,000 d. Deprectetion recorded on factory equipmen $106,000 e Other manufacturing overhead costs accrued during October $130,000 t The company applies manuflecturing overhead cost to production using a predesermined rate of s6 per machine-hour A sotal of 76,400 machine hours were used in October g Jobs coseng $513,000 according to ther job cost sheets were completed during October and transferred so Finished Goods h Jobs that had cost sA50 000 to complete according to their job cost sheets were shipped to customers during the month These jobs weee sold onaccount at 20% ebove cost Required 1 prepare jornal ermes to record the sacsons gven above 2 Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant trancactions from above to each account Compute the ending balance in each account, assuming thet work in Process has obeginning bliance of $35.000 Complete this qeestion by entering your answers in the tabs below ournal ntry reauired O Type here to search 5 6 7 8 9

Explanation / Answer

a Raw materials inventory 210000       Accounts payable 210000 b Work in process 152000 Manufacturing overhead 38000       Raw materials inventory 190000 c Work in process 48000 Manufacturing overhead 22000       Salaries and wages payable 70000 d Manufacturing overhead 106000        Accumulated depreciation 106000 e Manufacturing overhead 130000       Accounts payable 130000 f Work in process 458400 =76400*6        Manufacturing overhead 458400 g Finished goods 513000       Work in process 513000 h(1) Cost of goods sold 450000       Finished goods 450000 h(2) Accounts receivable 567000 =450000*1.26       Sales 567000

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