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 $20,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine-hour. A total of 76,300 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 $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% 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. 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 Transaction 1 a. Raw materials Accounts payable 2 b. Work in process Manufacturing overhead Raw materials General Journal Debit 209,000 Credit 209,000 152,000 38,000 190,000 3 C. Work in process 50,000 Manufacturing overhead 20,000 Salaries and wages payable 70,000 4 d. Manufacturing overhead 105,000 Accumulated depreciation 105,000 5 e. Manufacturing overhead Accounts payable 130,000 130,000 6 f. Work in process 381,500 Manufacturing overhead 381,500 7 g. Finished goods Work in process 511,000 511,000 8 h(1). Cost of goods sold Finished goods 9 h(2). Accounts receivable Sales < Required 1 Required 2 > 447,000 447,000 572,160 572,160