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, $188,000 ($150,400 direct materials and $37,600 Indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000, d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,400 machine-hours were used in October. 9. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 32% 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, 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.) View transaction list Journal entry worksheet