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The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $210,000. b. Raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Direct labor cost incurred, $48,000; indirect labor cost incurred, $21,000. d. Depreciation recorded on factory equipment, $104,000. e. 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 $8 per machine-hour. A total of 76,500 machine-hours were recorded for October g. Production orders costing $512,000 according to their job cost sheets were completed during october and transferred to Finished Goods. h. Production orders that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 28% 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal View transaction list 1 Raw materials purchased on account, $210,000. 2 Raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). 3 Direct labor cost incurred, $48,000; indirect labor cost incurred, $21,000. Credit 4 Depreciation recorded on factory equipment, 204,000. 5 Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). 6 The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total Note : = journal entry has been entered View general journal Record entry Clear entry Other manufacturing overhead costs incurred during October, $130,000 (credit Accounts Payable). - 6 The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 76,500 machine-hours were recorded for October Credit Production orders costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 8 Record the cost of goods sold. 9. Record the sales on account. Note : = journal entry has been entered Record entry Clear entry View general journal 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 $36,000. Manufacturing Overhead Work in Process Beg. Bal. Beg. Bal. End. Bal. End. Bal