Exercise 3-5 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. $210,000 b Raw materials used in production, S189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000 d. Depreciation recorded on factory equipment 106.000 e Other manufacturing overhead costs accrued during October $130,000 t. The company applies manufacturing overhead cost to production using a predetermined rate of 59 per machine hour. A total of 76,500 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 $453,000 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 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 $36.000, 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 Journal entry worksheet 1 2 7 9 > Raw materials purchased on account, $210,000. Not Enter debit before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prociare 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 $36,000. Manufacturing the Work in Process Beg Bal End Bol End Bal Required 1