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Chapter 3 Homework Assignment 4 Exercise 3-5 (Algo) Journal Entries and Taccounts (L03-1, L03-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October 375 Sped Book a Raw materials purchased on account $210.000 b. Raw materials used in production $192.000 (5153.600 direct materials and $38.400 indirect materials) c. Accrued direct labor cost of $49.000 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 The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76.100 machine-hours were used in October 9 Jobs costing $514000 according to their job cost sheets were completed during October and transferred to Finished Goods h. Jobs that had cost $451000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% above cost 0 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 Journal entry worksheet