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, $189,000 ($151,200 direct materials and $37,800 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, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $514,000 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 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 balance of $33,000. No Transaction 1 a. Raw materials General Journal Debit 211,000 Credit 2 b. Accounts payable Work in process Manufacturing overhead Raw materials 211,000 152,000 38,000 190,000 3 C Work in process 48,000 Manufacturing overhead 20,000 Salaries and wages payable 68,000 4 d. Manufacturing overhead Accumulated depreciation 106,000 106,000 5 Manufacturing overhead 130,000 6 f. e. Accounts payable Work in process Manufacturing overhead Finished goods 7 g Work in process 8 h(1) Cost of goods sold 9 h(2). Finished goods Accounts receivable Sales Beginning balance Debit Manufacturing Overhead Ending balance Work in Process Credit Debit Credit Beginning balance Ending balance