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, $192,000 ($153,600 direct materials and $38,400 indirect materials) c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. 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 76.200 machine-hours were used in October g. Jobs costing $510,000 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 $34,000 Complete this question by entering your answers in the tabs below. Required 11 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 $34,000. Manufacturing Overhead Debit Credit Beginning balance 34,000 c d Work in Process Debit Credit Beginning balance 34.000 9 Ending balance 34,000 Ending balance 34,000