Honework O The Potans Company as a job-order costing system. The following transactions occurred in October Raw materias purchased on account $210,000 b. Raw materials used in production, $191,000 $152.800 direct materials and $38,200 indirect materials) Accrued direct labor cost of $50,000 and indirect labor cost of $21,000 Depreciation recorded on factory equipment, $105.000 e Other manufacturing overhead costs accrued during October $1,000 The company apples manufacturing overhead cost to production using a predetermined rate of $7 per machine-ho 76.200 machine hours were used in October Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finishe Jobs that had cost $451,000 to complete according to the job cost sheets were shipped to customers during the in 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 e Compute the ending balance in each account assuming that Work in Process has a beginning balance of $35,000 Complete this question by entering your answers in the tabs below. Work in Process 35.000 Prepare T-accounts for Manufacturing Overhead and Work in Process Post the relevant transactions from above to each acco balance in each account, assuming that Work in Process has a beginning balance of $35,000 Og bi Manufacturing Overhe 63 35.000 Prev 14 Next >> Se 208 200 E 44 D 55 Madison Av 16 8: 8 .00 47 R T Y U F G H THE DO J X C V B N 61 1 K MU C 1 12 points 02.2252 10 01 Help Save & Exit Submit Check my work 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, $191,000 ($152,800 direct materials and $38.200 indirect materials) c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000 d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October, $131,000 The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,200 machine-hours were used in October g Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $451,000 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 $35,000. 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 $35,000. Beg hal Manufacturing Overhead Beg bal Work in Proce 35.000 se nonl