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 $49,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $129,000. 1. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,500 machine-hours were used in October 9. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $448,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 20% 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 $37,000. 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.) Journal entry worksheet Dron Chrome Fe Edit View History Bookmaria Profiles Tab Windows Help RADIX O.OX + 620.meducation.com 2.meducation.com ChJob Order Cosong Cont Flow and Exemp. 2 Journal entry worksheet 5 > Record the entry for trecer concret, 8.000 cost curred, 520,000 Rad 2) Me GEN all CP Next > 15 2 3 5 6 7 8 Q W E R T A S D G View transaction list Journal entry worksheet