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 26% 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 $33,000. Complete this question by entering your answers in the tabs below. Required 1 Required 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 $33,000. End. Bal. Manufacturing Overhead Beg. Bal. Work in Process End. Bal. Check required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the sales on account. 5 60 7 8 00 6 Note: Enter debits before credits. Transaction General Journal Debit Credit h(2). Cost of goods sold Finished goods Record entry Clear entry View general journal ipped Book Print erences Journal entry worksheet 1 2 3 4 Record the cost of goods sold. 5 6 7 00 6 Note: Enter debits before credits. Transaction General Journal Debit Credit h(1). Cost of goods sold Finished goods View general journal Record entry Clear entry > View transaction list Tield.) Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Transaction General Journal Debit Credit Finished goods Work in process Record entry Clear entry View general journal required" in the first account field.) View transaction list Journal entry worksheet Record the entry for accrued direct labor cost incurred, $50,000; indirect labor cost incurred, $20,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in process Manufacturing overhead Salaries and wages payable Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Raw materials purchased on account, $209,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Raw materials Accounts payable Work in process Manufacturing overhead Raw materials Record entry Clear entry View general journal 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, $209,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $512,000 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 26% 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 $33,000