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 $48,000 and indirect labor cost of $22,000.d. Depreciation recorded on factory equipment, $106,000.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 of76,000 machine-hours were used in October.g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods.h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. Thesejobs were sold on account at 36% 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 2Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance ineach account, assuming that Work in Process has a beginning balance of $35,000.Manufacturing OverheadBeginning balanceDebitCreditDebitBeginning balanceWork in ProcessCredit 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 $48,000 and indirect labor cost of $22,000.d. Depreciation recorded on factory equipment, $106,000.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 of76,000 machine-hours were used in October.g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods.h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. Thesejobs were sold on account at 36% 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 1Required 2Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet

Name: The Polaris Company uses a job-order costing system. The following tr
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Description: 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 materia