Transaction list: Raw materials purchased on account 209,000Record the raw materials issued to production. 191000 (152800direct materials and 38200 indirect materials.)Record the entry for accrued direct labor cost incurred 50000 indirect labor cost incurred 21000Depreciation recorded on factory equipment 105000Other manufacturing overhead costs accrued during October 130000The company applied manufacturing overhead costs to production on the basis of 5 dollars per machine hour a total of 76000 machine hours were recorded for October.Jobs costing 511000 according to their job cost sheets were completed during October and transferred to finish goodsRecord the cost of goods soldRecord the sales on account 1. Prepare journal entries to record the transactions:Raw materials purchased on account 209000Record the raw materials issued to production 191000 (152800 direct materials and 38200 indirect) Record the entry for accrued direct labor cost incurred 50000 indirect labor costs incurred 21000Depreciation recorded on factory equipment 105000Other manufacturing overhead costs accrued during October 130000The company applies manufacturing overhead cost to production on the basis of 5 per machine hour a total of 76000 machine hours were recorded for October Jobs costing 511000 according to their job cost sheets were completed during October and transferred to finish goods. Record the cost of goods sold Record the sales on account. Prepare T accounts for manufacturing overhead and work process post the relevant transactions from above to each other compute the ending balance in each account. Assuming work in process has a beginning balance of 33,000.

Entries and I-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000 d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000 f. The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $511,000 were completed and transferred to Finished Goods. h. Jobs costing $450,000 were shipped to customers. These jobs were sold on account at 22% 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 Work in Process has a beginning balance of $33,000. ices Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the transactions given above Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field