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6. (10 points) Dorchester Bay Electronics Co. (DBEC) produces gadgets for the coveted small appliances market. The following data reflect activity for the year 2020: Costs incurred: Purchases of direct materials (net) on credit Direct manufacturing labor cost Indirect labor Depreciation, factory equipment Depreciation, office equipment Maintenance, factory equipment Miscellaneous, factory overhead Rent, factory building Advertising expense Sales commissions (in $) 124,000 40,000 30,500 50,000 7,000 20,000 9,500 70,000 90,000 30,000 Inventories Direct materials Work in process Finished goods January 1, 2020 $9,000 6,000 69,000 December 31, 2020 $11,000 21,000 24,000 DBEC uses a normal costing system and allocates overhead to work in process at a rate of $4.0 per direct manufacturing labor dollar. Indirect materials are insignificant so there is no inventory account for indirect materials. (Question 6 continued) a. Complete the following journal entries to record the transactions for 2020 including an entry to close out over- or underallocated overhead to cost of goods sold. 1) Purchase of materials Direct materials Accounts Payable 2) Use of materials for production Work-In-Process Direct Materials 3) Direct and indirect labor costs Wages Payable Work-In-Process Overhead 4) Overhead (Actual) items Overhead Accumulated Depreciation Salaries Payable (Maintenance: factory) Accounts Payable (Miscellaneous:factory) Rent Payable 5) Allocation of Overhead Work-In-Process Overhead Allocated 6) CGM Finished Goods Work-In-Process 7) CGS Cost of Goods Sold Finished Goods (Question 6 continued) 8) Closing (adjusting) entries (complete one of the following) In case of under-allocation: Overhead Allocated Cost of Goods Sold Overhead In case of over-allocation: Overhead Allocated Overhead Cost of Goods Sold b. Post the journal entries to T-accounts for all of the inventories (i.e., Direct Materials, Work in Process, Finished Goods), Cost of Goods Sold, the Manufacturing Overhead Account, and the Manufacturing Overhead Allocated Account