Exercise 3-9 Journal Entries and T-accounts (L03-2, LO3-4, LO3-5] The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. e. a.Raw materials purchased on account, $211,000. Raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 b. indirect materials). c. Direct labor cost incurred, $49,000; indirect labor cost incurred, $22,000. d.Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). f. The company applies manufacturing overhead cost to production on the basis of $7 per machine-hour. A total of 76,000 machine-hours were recorded for October. g.Production orders costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h.Production orders that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 34% above cost. Required: 1. Prepare journal entries to record the information given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No Transaction General Journal Debit Credit 1 a. 211,000 Raw materials inventory Accounts payable 211,000 2 b. Work in process Manufacturing overhead Raw materials inventory 152,000 38,000 190,000 3 Work in process 49,000 22,000 Manufacturing overhead Salaries and wages payable 71,000 4 d. 106,000 > Manufacturing overhead Accumulated depreciation 106,000 5 e. 130,000 > Manufacturing overhead Accounts payable 130,000 6 f. Work in process 532,000 5 e. 130,000 Manufacturing overhead Accounts payable 130,000 6 f. Work in process 532,000 Manufacturing overhead 532,000 7 g. Finished goods 511,000 Work in process 511,000 8 h(1). 451,000 Cost of goods sold Finished goods 451,000 9 h(2). Accounts receivable 604,340 Sales 604,340 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant information above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $35,000. X Answer is not complete. Manufacturing Overhead Work in Process Beg. Bal. Beg. Bal. End. Bal. End. Bal