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. Computer the ending balance in each account, assuming that Work in Process has beginning balance of 42,000.

=XERCISE 3-5 Journal Entries and T-accounts (2} LO3-1, (&) LO3-2 I'he Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. . d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. g Jobs costing $520,000 according to their job cost sheets were completed during October - and transferred to Finished Goods. h Iobs that had cost $480,000 to complete according to their job cost sheets were shipped . to customers during the month. These jobs were sold on account at 25% above cost