Assignment 4 Question 6, Problem 4-34 (alt1) Part 1 of 19 HW Score: 26.27%, 1.58 of 6 points O Points: 0 of 1 Infection Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2021 (Click the icon to view the data) Save Infection Co. uses a normal-costing system and allocates overhead to work in process at a rate of $2.70 per direct manufacturing labour dollar. Indirect materials are insignificant, so there is no Inventory account for indirect materials Required Requirement 1. Prepare journal entries to record the transactions for 2021 including an entry to close out over- or underalocated overhead to cost of goods said. For each youmal entry, indicate the source document that would be used to authorize each entry. Also, note which subsidiary ledger, if any, should be referenced as backup for the entry, (tecord debts first, then credits Exclude explanations from any journal entries.) Record the purchase of direct materials, $120,000 (1.) Journal Entry Accounts Debit Credit Data Question 6, Problem 4-34 (alt1) Part 1 of 19 Costs incurred: HV Purchases of direct materials (net) on credit $ 120,000 Direct manufacturing labour cost 85,000 Indirect labour 54,900 Depreciation, factory equipment 34,000 ce Depreciation, office equipment 7,300 Maintenance, factory equipment 26,000 Miscellaneous factory overhead 9,200 Rent, factory building 72,000 Advertising expense 97,000 Sales commissions 33,000 Inventories: January 1, 2021 Direct materials $ 9,700 $ Work in process 6,500 Finished goods 67,000 December 31, 2021 Print Done MacBook Air 16,000 23,000 25,000 ting system and allocates overn to aterials. Required in process 1. Prepare journal entries to record the transactions for 2021 including an entry to close out over- or underallocated overhead to cost of goods sold. For each journal entry, indicate the source document that would be used to authorize each entry. Also note which subsidiary ledger, if any, should be referenced as backup for the entry. 2. Post the journal entries to T-accounts for all of the inventories, Cost of Goods Sold, the Manufacturing Overhead Control Account, and the Manufacturing Overhead Allocated Account. Print Done X