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, $191,000 ($152,800 direct materials and $38,200 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000 d. Depreciation recorded on factory equipment, $105,000 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 76,200 machine-hours were used in October g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452.000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 26% 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 $33,000. 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 journalen required in the first account field.) View transaction list View journal entry worksheet ricarum w w w giver duuve. 11 y 15 Cyun UULUULUU ever required in the first account field.) View transaction list Journal entry worksheet nces Record the cost of goods sold. Note: Enter debits before credits Debit Credit Transaction h(1). General Journal Cost of goods sold Finished goods Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, required in the first account field.) View transaction list Journal entry worksheet Record the sales on account. Note: Enter debits before credits Transaction General Journal Debit Credit ht2) Record entry Clear entry View general journal Check my work jobs were sold on account at 26% 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 $33,000. 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 en balance in each account, assuming that Work in Process has a beginning balance of $33,000. Manufacturing Overhead Work in Process Beg Bal End. Bal. (Required
