The Polaris Company uses a job-order casting system. The following transactions occurred in October a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 Indirect materials). c Accrued direct labor cost of $49,000 and Indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine hour. A total of 76,300 machine hours were used in October. 9. Jobs costing $512,000 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 $33,000. Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, sed "Not entry required in the first account field.) View transaction list View journal entry worksheet No Transaction General Joure Dobi 1 210,000 3 Raw materials Accounts payable 250,000 2 b. Work in process Manufacturing overhead Raw materials 192.000 153,600 38,400 3 C Work in process Manufacturing overhead Salaries and wages payable 49,000 20,000 20,000 d. 106,000 Manufacturing overhead Accumulated depreciation 106,000 5 131,000 Manufacturing overhead Accounts payable 131,000 1 6 457.800 Work in process Manufacturing overhead 457.800 7 9 512,000 Finished goods Accumulated depreciation 512.000 h(1) 452.000 Accounts receivable Sales 452.000 9 h(2) 90.400 Cost of goods sold Finished goods 90,400 ARON Required 2 > 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 ($153,600 direct materials and $38,400 Indirect materials). c Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $106,000 e. Other manufacturing overhead costs accrued during October, $131,000. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October 9. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods M. 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 $33,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare l-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. Manufacturing Overhead Work In Process Bog, bal Beg bal End, bol End, bal