Exercise 3-5 (Algo) Journal Entries and T-accounts (L03-1, LO3-2) The Polaris Company uses a job order costing system. The following transactions occurred in October 06:59 a. Raw materials purchased on account, $209,000 b. Raw materials used in production, $191,000 ($152.800 direct materials and $38,200 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, $131,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine-hour. A total of 76,200 machine-hours were used in October g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $448,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 32% above cost. equired: 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 $34,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2