Exercise 3-5 (Algo) Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $191,000 ( $152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. 1. The company applies manufacturing overhead cost to productign using a predetermined rate of $10 per machine-hour. A total of 76,000 machine-hours were used in October. 9. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% 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 $37,000. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions given above, (It no entry is required for a transaction/event, select "No jourrial entry cequired" in the first account field.)