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 (5152,000 direct materials and $38,000 indirect materials). c Accrued direct labor cost of $49.000 and indirect labor cost of $22,000 d. Depreciation recorded on factory equipment, $105,000 e Other manufacturing overhead costs accrued during October $131,000, t. The company applies manufacturing overhead cost to production using a predetermined rate of 59 per machine hour. A total of 76.000 machine hours were used in October 9. Jobs costing $512,000 according to their job cost sheets were completed daring October and transferred to Finished Goods h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month These jobs were sold on account at 26% 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 $35,000 Complete this question by entering your answers in the tabs below. 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 $22.000 d Depreciation recorded on factory equipment, $105,000 e Other manufacturing overhead costs accrued during October, $131,000 t. The company applies manufacturing overhead cost to production using a predetermined rate of 9 per machine-hour. A total of 76,000 machine hours were used in October Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $450,000 to complete according to their joh cost sheets were shipped to customers during the month These jobs were sold on account at 26% 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 $35.000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare T-accounts for Manutacturing 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 $35,000 Manufacturing Overhead Bog bal Work in Process Beg bai [End hal End bal