coveted small appliance market Tollowing 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. assume Sales Revenue is $1,000,000 and Indirect Materials = 0. write the asset equations for Materials/Direct Materials, WIP, and FG (make sure to fill in any missing numbers), write the Income Statement (with an adjusted COGS) and fill in any missing numbers, 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). show how you adjust COGS in the COGS T-account to derive the adjusted COGS that will go into the Income Statement. 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