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 materials used in production, $190,000 ($178.000 direct materials and $12.000 indirect materials) c. Accrued direct labor cost of $90,000 and indirect labor cost of $110.000. d. Depreciation recorded on factory equipment. $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine hour. A total of 30,000 machine-hours were used in October Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42.000 General Journal Debit Credit No 1 Transaction 2 2 Raw materials Accounts payable Work in process Manufacturing overhead Raw materials Work in process Manufacturing overhead Salaries and wages payable Manufacturing overhead Accumulated depreciation Manufacturing overhead Accounts payable Work in process Manufacturing overhead Finished goods Work in process Cost of goods sold Finished goods O h (2) Accounts receivable Cost of goods sold Jobs costing 5520.000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42.000 Complete this question by entering your answers in the tabs below. Required 1 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 $42.000. Manufacturing Overhead Work in Process Beg Bal Required 1