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 matenals used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials) c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000 d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $129,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,100 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 $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% 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 1 Required 2 Manufacturing Overhead Work in Process Debit Credit Debit Credit Beginning balance Beginning balance Ending balance Ending balance