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, $191,000 ($152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,200 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 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 $36,000. 1 a. Raw materials 211,000 Accounts payable 211,000 2 b. 152,800 Work in process Manufacturing overhead Raw materials OOO 38,200 191,000 3 C. Work in process Manufacturing overhead Salaries and wages payable 49,000 20,000 69,000 4 4 d. 105,000 Manufacturing overhead Accumulated depreciation 105,000 > 5 e. 130,000 Manufacturing overhead Accounts payable 130,000 6 f. 609,600 Work in process Manufacturing overhead 609,600 7 g 513,000 Finished goods Work in process 513,000 8 h(1). 452,000 Cost of goods sold Finished goods 452,000 a a h/21 Accounts rareivable 569 52n 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 $36,000. Manufacturing Overhead Work in Process Beg. bal. Beg. bal. End. bal. End. bal