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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, $189,000 ($151.200 direct materials and $37,800 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, $130,000 1. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,400 machine-hours were used in October 9 Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% 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 $34.000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Journal entry worksheet Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Journal entry worksheet Other manufacturing overhead costs accrued during October, $130,000. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 00 9 The company applies manufacturing overhead cost to production on the basis of $9 per machine-hour. A total of 76,400 machine-hours were recorded for October. Note: Enter debits before credits. General Journal Transaction f. Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 Jobs costing $511,000 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 g Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction h(1) Record entry Clear entry View general journal Journal entry worksheet