Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] The Polarts Company uses a job-order costing system. The following transactions occurred in October a Raw materiats purchased on account, $209.000 b. Raw materials used in production, $190,000 (S152.000 direct materials and S38.000 indirect materials). C Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $129.000 t. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,100 machine-hours were used in October g Jobs costing $513,000 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 Prebare 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