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, 5191,000 (5152,800 direct materials and 538 200 indirect materials). c Accrued direct labor cost of $49.000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106.000. e Other manufacturing overhead costs accrued during October, S131,000 The company applies manufacturing overhead cost to production using a predetermined rate of S10 per machine hour. A total of 76,400 machine hours were used in October Jobs costing SS34,000 according to their job cost sheets were completed during October and transferred to Finished Goods n Jobs that had cost $453,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 21% 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 $37.000 1 210,000 Raw materials Accounts payable 210,000 2 b Work in process Manufacturing overhead Raw materials 152,800 38,200 191,000 3 Work in process Manufacturing overhead Salaries and wages payable 49,000 21,000 70,000 4 d 106,000 Manufacturing overhead Accumulated depreciation 106,000 5 e Manufacturing overhead Accounts payable 131,000 131.000 6 Work in process 764,000 Manufacturing overhead 764,000 7 9 Finished goods 514.000 106,000 Accumulated depreciation 5 131,000 e Manufacturing overhead Accounts payable 131,000 6 f. Work in process 764,000 Manufacturing overhead 764,000 7 9 514,000 Finished goods Work in process 514,000 8 h(1) 453,000 Cost of goods sold Finished goods 453,000 9 h(2) 561,720 Accounts receivable Sales 561,720 Required 2 > Prepare T-accounts for Manufacturing Overhead and Work in proces. Pout the relevant transactions from above to each account. Compute the ending balance each account, assuming that Work in Process has a beginning balance of $37,000. Manufacturing Overhead Work in Process Beg Bal End Bal End, Bal Required 1