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puex.html?_con=con&external browser=0&launchUrl=https%253A%2 2F%252Fnewconnect... mework Saved Help Save & Exit Check my The Polaris Company uses a job-order costing system. The following transactions occurred in October

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puex.html?_con=con&external browser=0&launchUrl=https%253A%2 2F%252Fnewconnect... mework Saved Help Save & Exit Check my 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, $192,000 (5153,600 direct materials and $38,400 indirect materials) c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October g. Jobs costing $511,000 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 24% 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 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, Beg. Bal C Manufacturing Overhead 38.400 21,000 104,000 130,000 ib d Work in Process 133000 153,600 49,000 685,800 (511,000) e 9 End. Bal 293,400 End Bal 410,400

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