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The Polaris Company uses a job-order costing system. Thefollowing transactions occurred in October:Raw materials purchased on account, $210,000.Raw materials used in production, $188,000 ($150,400 directmaterials and $37,600 indirect materials).Accrued direct labor cost of $48,000 and indirect labor cost of$21,000.Depreciation recorded on factory equipment, $104,000.Other manufacturing overhead costs accrued during October,$130,000.The company applies manufacturing overhead cost to productionusing a predetermined rate of $7 per machine-hour. A total of76,400 machine-hours were used in October.Jobs costing $511,000 according to their job cost sheets werecompleted during October and transferred to Finished Goods.Jobs that had cost $450,000 to complete according to their jobcost sheets were shipped to customers during the month. These jobswere sold on account at 40% above cost.Required:1. Prepare journal entries to record the transactions givenabove.2. Prepare T-accounts for Manufacturing Overhead and Work inProcess. Post the relevant transactions from above to each account.Compute the ending balance in each account, assuming that Work inProcess has a beginning balance of $35,000.