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 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and Indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. 1. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. g. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42,000. Complete this question by entering your answers in the tabs below. D 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.) < 3 4 5 6 7 8 Raw materials purchased on account, $210,000. 6 Journal entry worksheet < 3 4 5 6 7 8 9 Record the raw materials issued to production, $190,000 ($178,000 direct materials and $12,000 indirect materials). Note: Enter debits before crodit Journal entry worksheet < 1 2 3 4 5 6 7 8 6 Record the entry for accrued direct labor cost incurred, $90,000; indirect labor cost incurred, $110,000. Journal entry worksheet 2 3 5 6 7 8 Depreciation recorded on factory equipment, $40,000. 6 > Journal entry worksheet < 1 2 3 4 Gor 6 7 8 Other manufacturing overhead costs accrued during October, $70,000. Journal entry worksheet < 1 2 3 4 5 69 7 8 6 9. The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 30,000 machine-hours were recorded for October. Note: Enter debits before credits Journal entry worksheet < 1 2 3 4 5 6 M 8 9 Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Journal entry worksheet es < 1 2 3 4 5 7 9 Record the cost of goods sold. Journal entry worksheet < 1 2 3 4 5 6 7 8 9 6 Record the sales on account. Note: Enter debits before credits. G Required 1 Required 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 $42,000. Manufacturing Overhead Work in Process Debit Credit Debit Credit Beginning balance Beginning balance Ending balance Ending balance