The Polaris Company uses a job-order costing system. The following transactions occurred in October 20 points a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and eBook $37,800 indirect materials) c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production usinga Hint predetermined rate of $6 per machine-hour. A total of 76,000 machine-hours Ask were used in October g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h Jobs that had cost $448,000 to complete according to their job cost sheets Print were shipped to customers during the month. These jobs were sold on Referenc 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 $37,000 "No journai entry requirea" in tne rirst account rieid.) Debit Credit 209,00 No Transac General Journal 1 a. Raw materials Accounts payable 209,00 2b. Work in Manufacturing overhead Raw materials 3 C. Work in Manufacturing overhead Salaries and wages payable 4d. Manufacturing overhead 104 Accumulated depreciation 10,400 5 e. Manufacturing overhead Accounts payable 6f. Work in Manufacturing overhead 7 Finished goods Work in 8 h(1). Cost of s sold Finished goods 9 h(2). Accounts receivable Sales Required 1 Required 2> 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, $189,000 ($151,200 direct materials and $37,800 indirect materials) c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 20 points eBook 76,000 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $448,000 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 $37,000 Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending baance in each account, assuming that Work in Process has a beginning balance of $37,000 Manufacturing Overhead Work in Process Beg. Bal. End. Bal End. Bal K Required 1 Required 2