4. (10 points) Dorchester Bay Electronics Co. (DBEC) produces gadgets for the coveted small appliances market. The following data reflect activity for the year 2022: Costs incurred: (in $) Purchases of direct materials (net) on credit 124,000 Direct manufacturing labor cost 40,000 Indirect labor 30,500 Depreciation, factory equipment 50,000 Depreciation, office equipment 7,000 Maintenance, factory equipment 20,000 Miscellaneous, factory overhead 9,500 Rent, factory building 70,000 Advertising expense 90,000 Sales commissions 30.000 Inventories January 1, 2022 December 31, 2022 Direct materials $9,000 $11,000 Work in process Finished goods 6,000 69,000 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 4 continued) Complete the following journal entries to record the transactions for 2022 including an entry to close out over- or underallocated overhead to cost of goods sold. Purchase of materials Direct materials Use of materials for production Work-In-Process Accounts Payable Direct Materials 3) Direct and indirect labor cost Work-In-Process Overhead 4) Overhead (Actual) items Overhead 5)Allocation of Overhead Work-In-Process Wages Payable Accumulated Depreciation Salaries Payable (Maintenance factory) Accounts Payable (Miscellaneous factory) Rent Payable Overhead Allocated CGM Finished Goods Work-In-Process 17) CGS Cost of Goods Sold Finished Goods (Question 4 continued) 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