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, $190,000 ($152,000 direct materials and $38,000 Indirect materials). c. Accrued direct labor cost of $50,000 and Indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 26% 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 $36,000. 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.) IN N View traction lat View journal entry worksheet No Transaction General Journal 1 a Raw materials Accounts payable 2 D Work in process Manufacturing overhead Raw materials Debit Credit 209,000 209,000 152,000 38,000 190,000 3 P Work in process 50,000 Manufacturing overhead 22,000 4 d No journal entry required No journal entry required No journal entry required No journal entry required No journal entry required No journal entry required No journal entry required 6 L 7 8 No journal entry required No journal entry required No journal entry required 9 Accounts payable Accounts payable Accounts receivable h(1) Accounts payable No journal entry required 9 N(2) Accounts payable Accounts payable Accounts payable 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, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 26% 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 $36,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Manufacturing Overhead Work in Process Debit Credit Debit Credit Beginning balance Beginning balance Ending balance Ending balance < Required 1 Required 2 >