The Polaris Company uses a joborder costing system. The following data relate to October, the first month of the company's fiscal year. a. Raw materials purchased on account, $210,000. b. Raw materials issued to production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Direct labor cost incurred, $90,000; indirect labor cost incurred, $110,000. (:1. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs incurred during October, $70,000 (credit Accounts Payable). f. The company applies manufacturing overhead cost to production on the basis of $8 per machinehour. A total of 30,000 machine-hours were recorded for October. g. Production orders costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Production orders that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 25% above cost. Required: 1. Prepare journal entries to record the information given above. 2. Prepare T accounts for Manufacturing Overhead and Work in Process. Post the relevant infor-mation above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $42,000. EXERCISE 310 Applying Overhead to a Job [LOB2] Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct