The Polaris 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 $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, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $513,000 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 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 $34,000. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 456789> Raw materials purchased on account, $211,000. Note: Enter debits before credits. 2 Record the raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect materials). 3 Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $21,000. 4 Depreciation recorded on factory equipment, $104,000. 5 Other manufacturing overhead costs accrued during October, $131,000. 6 The company applies manufacturing overhead cost to production on the basis of $5 per machine-hour. A total of 76,000 machine-hours were recorded for October. Note : =journal entry has been entered 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. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the en balance in each account, assuming that Work in Process has a beginning balance of $34,000. 5 Other manufacturing overhead costs accrued during October, $131,000 6 The company applies manufacturing overhead cost to production on the basis of $5 per machine-hour. A total of 76,000 machine-hours were recorded for October. 7 Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 8 Record the cost of goods sold. 9 Record the sales on account. Jote : = journal entry has been entered