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The Polaris Company uses a job-order costing system. The following transactions occurred in October: a....

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Accounting

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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, $191,000 ( $152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. t. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A tot: of 76,100 machine-hours were used in October. g. Jobs costing $512,000 were completed and transferred to Finished Goods. h. Jobs costing $449,000 were shipped to customers. These jobs were sold on account at 26% 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 $34,000

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