Reference no: EM132530188
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year.
a. Raw materials purchased on account, $210,000.
b. Raw materials issued to production, $189,000 ($151,200 direct materials and $37,800 indirect materials).
c. Direct labor cost incurred, $49,000; indirect labor cost incurred, $20,000.
d. Depreciation recorded on factory equipment, $104,000.
e. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable).
f. The company applies manufacturing overhead cost to production on the basis of $5 per machine-hour. A total of 76,500 machine-hours were recorded for October.
g. Production orders costing $511,000 according to their job cost sheets were completed during october and transferred to Finished Goods.
h. Production orders that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 34% above cost.
Required:
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