The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $191,000 ( $152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manulacturing overhead costs accrued duting October, $129,000 f. The company applies manufacturing overhead cost to production using o predetermined rate of $9 per machine-hour. A total of 76,300 machine-hours were used in October. 9. Jobs costing $512,000 occording 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 job cost sheets were shipped to customers during the month. These jobs were soid on account at 36% 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 batance of $35,000