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Exercise 3-5 (Algo) Journal Entries and T-accounts [LO3-1, LO3-2] The Polanis Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000 b. Raw materials used in production, $190,000 (\$152,000 direct materials and $38,000 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. 1. 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. 9. Jobs costing \$515.000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $450,000 to complete according to their job cost sheets. were shipped to customers during the month. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record tie 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 Prepare journal entries to record the transactions nivan ahnve frf nn antmu in mplete this question by entering your answers in the tabs below. pare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the th account, assuming that Work in Process has a beginning balance of $35,000