Exerclse 3-5 (Algo) Journal Entrles and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transections occurred in October: A. Raw materiais purchased on account, $2100.000, b. Raw materials used in production, $188,000 (\$150,400 direct materiais and $37,600 indirect materiais) c. Accoued direct labor cost of $50.000 and indirect labor cost of $21,000 d. Depreciation recorded on factory equipmentit $105,000. e. Other manufacturing overhead costs accrued duaing October, $130,000. t The compary applies manufacturing overhead cost to production using a predetermined rate or $8 per machine-hour. A total of 76,300 machine-hours were used in October Q. Jobs costing $514,000 according to their job cost sheets were completed during October and transterred to Finished Goods. h. Jobs that had cost $447000 to complete according to their job cost sheets were shipped to custorners daring the morath. These jobs were sold on account of 28% above cost. Requlred: 1. Prepare journsi entries to record the transactions given above 2. Prepare T-accounts for Manufacturing Overthead and Work in Process. Post the relevant transactions from above to each accountt. Compute the ending balance in each accourt, assuming that Work in Process has a beginaing balance of \$34,000 Complete this question by nntering your answers in the tabs below. rempired" in the first account fiekit) Journal entry worksheet