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, $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, $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 $7 per machine-hour. A total of 76,400 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 $453,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 22% 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. Required 1 Required 2 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.) View transaction list Journal entry worksheet 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. Required 1 Required Manufacturing Overhead Debit Beginning balance Work In Proos Credit Credit Debit Beginning balance Ending balance Ending balance (Required 1 RE