The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year:

a.	Raw materials were purchased on account, $300,000.
b.	Raw materials were issued to production, $290,000 ($228,000 direct materials and $62,000 indirect materials).
c.	Direct labour cost was incurred, $110,000; indirect labour cost was incurred, $90,000.
d.	Depreciation was recorded on factory equipment, $70,000.
e.	Other manufacturing overhead costs were incurred during October, $140,000 (credit accounts payable).
f.	The company applies manufacturing overhead cost to production on the basis of $12.60 per machine-hour. There were 30,000 machine-hours recorded for October.
g.	Production orders costing $720,000 according to their job cost sheets were completed during October and transferred to finished goods.
h.	Production orders that had cost $680,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold at 25% above cost. The goods were sold on account.

Required:

1.	Prepare journal entries to record the preceding information. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

2.	Prepare T-accounts for manufacturing overhead and work in process. Post the relevant information above to each account. Compute the ending balance in each account, assuming that work in process has a beginning balance of $42,000.

1 Record raw material purchase on account. 2 Record direct and indirect materials issued to production 3 Record direct and indirect wages incurred for production 4 Record depreciation on factory equipment. 5 Record other manufacturing overhead costs. 6 Record entry to apply manufacturing overhead to production. 7 Record transfer of completed units to finished goods inventory Record cost of goods sold 8 9 Record sales. CO Manufacturing Overhead End. bal. Work in Process Beg. bal End. bal