Data Table Imagine Company produces gadgets for the coveted small appliance market. (Click the loon to view the data.) Imagine Co. uses a normal-costing system and allocales overhead to work in - hificant so there is no inventory account for indirect materials. Read the requirements. S 128,000 BB,000 Requirement 1. Prepare journal entries to record the transactions for 2017 authorize each entry. Also nole which subsidiary ledger, if any, should be refc Record the purchase of direct materials, $128.000. ch journal entry indicate the source document that would be used to any joumal entries.) 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 54,800 32,000 7,600 Journal Entry Accounts 27.000 (1.) Materials Control 9,500 70,000 Accounts Payable Control 98,000 32.000 Now select the appropriate source documents and subledgers for the purcha Inventories: : Source documents purchase invoice Subsidiary ledgers direct material records (1.) S January 1, 2017 December 31, 2017 9,800 $ 14,000 6.300 29,000 66,000 30,000 Direct materials Work in process Finished goods accounts payable Record the direct materials used. Print Done I------I-L. I Requirements 1. Prepare journal entries to record the transactions for 2017 including an entry to close out over- or underallocated 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. 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. 2. Print Done Requirement 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. Post entries (1) through (9) to the accounts below, then calculate the ending balance in each account. (For accounts with a $0 balance, leave the balance cells blank.) Review the journal entries from requirement 1. Materials Work-in-Process Manufacturing Control Control Overhead Control Bal. 9,600 Bal. 6,300 Bal. Bal. Bal. Bal. Bal. Bal. Manufacturing Overhead Allocated Finished Goods Cost of Goods Sold Bal. 66,000 Bal. Bal. Bal. Bal. Bal. Bal