The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account. $211,000 b. Raw materials used in production. S188.000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $49.000 and indirect labor cost of $22,000 d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October $130,000 1. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,400 machine-hours were used in October 9 Jobs costing $513,000 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 34% 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 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.) Transaction General Journal Debit Credit Raw materials 211,000 Accounts payable 211,000 No 1 2 b Work in process Manufacturing overhead Raw materials OOO 150,400 37,600 187,600 3 C Work in process Manufacturing overhead Salaries and wages payable 49,000 22,000 OO 71,000