The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. 9. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). C. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. 2. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. 3. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 1. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42,000. Complete this question by entering your answers in the tabs below. Required Required 1 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.) View transaction list View journal entry worksheet No Transaction General Journal 1 a. Raw materials Accounts payable Credit Debit 210,000 210,000 2 b. Work in process Manufacturing overhead Raw materials 178,000 12,000 190,000 3 C. Work in process Manufacturing overhead Salaries and wages payable 90,000 110,000 200,000 74 d. 40,000 Manufacturing overhead Accumulated depreciation 40,000 5 e. 70,000 Manufacturing overhead Accounts payable 70,000 6 f. 240,000 Work in process Manufacturing overhead 240,000 77 g. 520,000 Finished goods Work in process 520,000 The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. 9. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. 2. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. g. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 1. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% 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 $42,000. Complete this question by entering your answers in the tabs below. Required Required 1 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 $42,000. Show less A Manufacturing Overhead Work in Process Beg. bal. 0 0 Beg. bal. 42,000 0 b 12,000 240,000 f. b. 178,000 520,000 g. C. 110,000 0 C. 90,000 0 0 f. 240,000 0 e. 70,000 0 0 0 0 0 0 0 End. bal. 48,000 End. bal. 30,000