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 $50,000 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. 1. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,200 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 $453,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 20% 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 $35,000. Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) Required 1 Required 2 No Transaction General Journal 1 a. Raw materials Accounts payable 2 b. Work in process 3 C 4 d. 5 e. Manufacturing overhead Raw materials Work in process Manufacturing overhead Salaries and wages payable Manufacturing overhead Accumulated depreciation Manufacturing overhead Accounts payable Debit 210,000 ( Credit 0 210,000 000 152,000 38,000 190,000 e 50,000 0 21,000 O 71,000 00 105,000 105,000 130,000 130,000 Answer is not complete. 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.) No 1 Transaction General Journal Raw materials Accounts payable 2 b. Work in process 3 C 4 d. Manufacturing overhead Raw materials Work in process Manufacturing overhead Salaries and wages payabl payab Manufacturing overhead Accumulated depreciation 000 Debit Credit 210,000 210,000 000 00 00 152,000 38,000 190,000 50,000 21,000 71,000 105,000 105,000 5 e. Manufacturing overhead Accounts payable 130,000 130,000 6 f Work in process 762,000 Manufacturing overhead 0 762,000 7 9. Finished goods Work in process 8 h(1). Cost of goods sold Finished goods 9 h(2) Accounts receivable Sales 00 00 00 512,000 512,000 453,000 453,000 543,600 543,600 < Prev 4 of 5 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 $50,000 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. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,200 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 $453,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 20% 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 $35,000. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Manufacturing Overhead Debit Credit Beginning balance b. C d. e 38,000 9 21,000 105.000 130,000 Work in Process Debit Credit Beginning balance 35,000 b. c L 0000 152,000 50,000 762,000 512,000 762,000 Ending balance 1,056,000 Ending balance 1,511,000