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The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $10 per machine-hour. A total of 76,000 machine-hours were used in October g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $451,000 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. on account, $210,000. 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 $36,000. Journal entry worksheet 1 2 4 5 6 8 Raw materials purchased on account, $210,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 210,000 No journal entry required Accounts payable Accounts receivable Accumulated depreciation Record ent View general journal

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