The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $211,000 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 $21,000. d. Depreciation recorded on factory equipment $104,000. e Other manufacturing overhead costs accrued during October $130,000 1 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 $511,000 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 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 $35,000. 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 balance in each account, assuming that Work in Process has a beginning balance of $35,000. Manufacturing Overhead Beg bal Beg bal Work in Process End bal End bal