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 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $105,000. 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 76,000 machine-hours were used in October g. Jobs costing $515,000 according to their job cost sheets were completed during October and transferred to Finished Goods. n. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These Jobs were sold on account at 24% 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. es