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, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. 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 $7 per machine-hour. A total of 76,300 machine-hours were used in October g. Jobs costing $515,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $451,000 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 $33,000. No Transaction General Journal Credit Debit 210,000 1 a. a. Raw materials Accounts payable 210,000 2 b. Work in process Manufacturing overhead Raw materials 152.000 38.000 190,000 3 C. Work in process Manufacturing overhead Salaries and wages payable OOO 48,000 21.000 x 69,000 X 4 d. 105.000 X Manufacturing overhead Accumulated depreciation 105,000 X 5 5 e. 130,000 X Manufacturing overhead Accounts payable 130.000 X oo OO 6 f. 380.500 X Work in process Manufacturing overhead 380,500 X 7 g. 511,000 X Finished goods Work in process 511,000 X 8 h(1) x 583,700 X Accounts receivable Sales x 583,700 X 9 h(2) X 449,000 X Cost of goods sold Finished goods x 449,000 X