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 $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, $130,000. t. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine hour. A total of 76,400 machine-hours were used in October. 9. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. n. 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 30% 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 $36,000. Complete this question by entering your answers in the tabs below. Required Required 1 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 Journal entry worksheet Note: Enter debits before credits. General Journal Debit Credit Transaction a. Record entry View general journal Clear entry Required 1 Required 2 > 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 $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, $130,000. t. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine hour. A total of 76,400 machine-hours were used in October 9 Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. n. 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 30% above cost. Required: 2. 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 $36,000. Complete this question by entering your answers in the tabs below. Required Required 1 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 $36,000. Show less Manufacturing Overhead Work in Process Beg. Bal End. Bal. End. Bal.