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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: raw materials purchased on account, $211,000. raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). accrued direct labor cost of $48,000 and indirect labor cost of $21,000. depreciation recorded on factory equipment, $105,000. other manufacturing overhead costs accrued during october, $131,000. 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. jobs costing $512,000 according to their job cost sheets were completed during october and transferred to finished goods. jobs that had cost $453,000 to complete according to their job cost sheets were shipped to customers during the month. these jobs were sold on account at 30% 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 $35,000.

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Exercise 3-5 journal entries and t-accounts [lo3-1, lo3-2] the polaris company uses a job-order cost...

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