The Polarls Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000 b. Raw materlals used in production, $192,000 ( $153,600 direct materlals and $38,400 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreclation recorded on factory equipment, $105.000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production'using a predetermined rate of $9 per machine-hour. A total of 76.400 machine-hours were used in October. 9. Jobs costing $514,000 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 34% above cost. Required: 1. Prepare joumal entrles to fecord 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, asfuming that Work in Process has a beginning balance of $34,000. Complete this question by entering your answers in the tabs below. 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. $192,000 ( $153,600 direct materials and $38,400 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000 t. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,400 machine-hours were used in October. 9. Jobs costing $514,000 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 34% 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 beginining balance ot $34,000. Complete this question by entering your answers in the tabs below