4-30 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 $121,000 Direct manufacturing labor cost 87.000 Indirect labor 54.400 Depreciation, factory equipment 53.000 Depreciation office equipment 7,700 Maintenance, factory equipment 45,000 Miscellaneous factory overhead 9.100 Rent, factory building 99.000 Advertising expense 97,000 Sales commissions 39,000 Inventories: January 1, 2017 December 31, 2017 Direct materials $9.400 $18,000 Work in process 6,500 26,000 Finished goods 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. 60,000 31,000 Required Part 1: For e4-30, assume Sales Revenue is $1,000,000 and Indirect Materials = 0. 1. write the asset equations for Materials/Direct Materials, WIP, and FG (make sure to fill in any missing numbers), 2. write the Income Statement (with an adjusted COGS) and fill in any missing numbers, 3. complete T-accounts for MOHC (show a list of actual OH costs), MOHA (show calculations of allocated OH), COGS (include adjustment), and S&A (show a list of S&A). Also show how you adjust COGS in the COGS T-account to derive the adjusted COGS that will go into the Income Statement. Part 2: (1) Write ONE journal to close MOHA, MOHC, and adjust COGS; state whether the allocated OH is under-or over-allocated. Show the adjusted COGS in your Income Statement