or CH.4.1 (2) Save avea to my MC Design Layout References Draw Mailings Review View E Tell me Sha 11 Century Aa il BIUX A O A x DI ilul nii Styles Styl Por Exercise 1: Visual Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2017: 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 Inventories: $121,000 87.000 54,400 53,000 7,700 46,000 9,100 99,000 97,000 39,000 Direct materials Work in process Finished goods January 1, 2017 $9,400 6,500 60,000 December 31, 2017 $18,000 26,000 31,000 Visual Co, uses a normal costing system and allocates overhead to work in process at a rate of $3.10 per direct manufacturing labor dollar. Indirect materials are insignificant so there is no inventory account for indirect materials. Required: Prepare journal entries to record the transactions for 2017 including an entry to close out over or underallocated overhead to cost of goods sold. words OX English (United States) Focus