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, $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, $104.000. e. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,500 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 $453,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 38% above cost. Required: 1. Prepare journal entries to record the transactions given above 2. Prepare T-accounts for Manufacturing Overhead and Work In Process IPost 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 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