Construction Company produces gadgets for the coveted small applance market. The following data reflect activiy for the year 2020: \{Click the icon to viaw the data \} Construction Co. uses a normal-costing system and alocates orehead to work in process at a fate of 52.70 per direct manulacturing isbor dollar, Indirect materials are insignificant so there is no inventory account for indirect materials Read the requirements. Requirement 1. Prepare joumal entras to record the transactions for 2020 induding an sntry to close out undec-or cverallocated ovechead to cost of goods sold. For each joumal entry nidicale ite source document that would be uned bo authortze each entry. Awo note which subaidiacy ledger, if any, atould be roforenced as backup for the entry. (Record dobis fielt, then credts. Exelude explanations from any joumal entries.) Record the purchase of direct materials, 3121,000 . Company produ e icon to view the Data table So. uses a norm unt for indirect quirements. 1. Prepare jour cument that would t ns from any journal purchase of direct Materials Contre Accounts ect the appropriate sc pany produces gadgets for the coveted small appliance market. The following data reflect activity for the yea to view the data.) uses a normal-costing system and allocates overhead to work in process at a rate of $2.70 per direct manufac for indirect materials. Requirements 1. Prepare journal entries to record the transactions for 2020 including an entry to close out under- or overallocated 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. Construction Company produces gadgets for the coveted small appliance market. The following data reflect activity Ei.3 (Click the icon to view the data.) Construction Co. uses a normal-costing system and allocates overhead to work in process at a rate of $2.70 per direc inventory account for indirect materials. Read the requirements. Requirement 1. Prepare journal entries to record the transactions for 2020 including an entry to close out under- or ove source document that would be used to authorize each entry. Also note which subsidiary ledger, if any, should be referer explanations from any journal entries.) Record the purchase of direct materials, $121,000. Now select the appropriate source documents and subledgers for the purchase of direct materials. (Only complete the neces
