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 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 $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $131,000. 1. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,300 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 $451,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 28% 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 accoun Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Complete this question by entering vour answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account balance in each account, assuming that Work in Process has a beginning balance of $36,000. Manufacturing Overhead Work In Process Beg. bal. Beg. bal End, bal End, bal