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, $189,000 ( $151,200 direct materials and $37,800 indirect material\$) c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000 d. Depreciation recorded on factory equipment, $106,000 e Other manufacturing overhead costs accrued during October, $130,000 I. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,300 machine-hours were used in October q. Jobs costing $515.000 according to their job cost sheets were completed during October and transferred to Finished Goods h. 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 occount, assuming that Work in Process has a beginning balance of $34,000 Journal entry worksheet Raw materials purchased on account, $210,000. Note: Enter debits before credits. Journal entry worksheet Record the raw materials issued to production, $189,000($151,200 direct materials and $37,800 indirect materials). Note: Enter debits before credits. Journal entry worksheet Record the entry for accrued direct labor cost incurred, $49,000; indirect labor cost incurred, $21,000. Note: Enter debits before credits. Journal entry worksheet 25567 Depreciation recorded on factory equipment, $106,000. Note: Enter debits before credits. Journal entry worksheet Other manufacturing overhead costs accrued during October, $130,000. Note: Enter debits before credits. Journal entry worksheet The company applies manufacturing overhead cost to production on the basis of $10 per machine-hour. A total of 76,300 machine-hours were recorded for October. Note: Enter debits before credits. Journal entry worksheet Jobs costing $515,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Pequired 1 Required 2 \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Manufocturing Ovothinad } \\ \hline Beginning balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} Required 1
