4 10 points Skipped eBook Hint 014 10 Print References The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% 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 $33,000. Complete this question by entering your answers in the tabs below. Mc Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 4 10 10 points Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journ required" in the first account field.) View transaction list Skipped Book Hint Print References 1 Raw materials purchased on account, $209,000. 2 Record the raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect materials). 3 Record the entry for accrued direct labor cost incurred, $48,000; indirect labor cost incurred, $20,000. 4 Depreciation recorded on factory equipment, $105,000. 5 Other manufacturing overhead costs accrued during October, $130,000. 6 The company applies manufacturing overhead cost to Note: journal entry has been entered Record entry Clear entry Credit View general journal 4. pped ook C. Dopration ICLUIUGU VILIVY Equipo. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% 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 $33,000. Complete this question by entering your answers in the tabs below. nt Required 1 Required 2 ent Manufacturing Overhead Work in Process ] Debit Credit Debit Credit nces Beginning balance Beginning balance Ending balance Ending balance