Luuyeluud OS TUI UNTUUL UUUU 4-30 Job costing, journal entries, T-accounts, source documents. Production Company produces gadgets for the coveted small appliance market. The following data reflect activity for the most recent year, 2019: Costs incurred Purchases of direct materials (net) on account Direct manufacturing labour cost Indirect labour Depreciation, factory equipment Depreciation, office equipment Maintenance, factory equipment Miscellaneous factory overhead Rent, factory building Advertising expense Sales commissions $124,000 80,000 54,500 30,000 7,000 20,000 9,500 70,000 90,000 30,000 Beginning and ending inventories for the year were as follows: January 1, 2019 December 31, 2019 Direct materials $ 9,000 $11,000 Work-in-process 6,000 21,000 Finished goods 69,000 24,000 Production Company uses a normal job-costing system and allocates overhead to work in-nrocess at a rate of $2.50 per direct manufacturing labour dollar. Indirect materials are insignificant so there is no inventory account for indirect materials. Required 1. Prepare journal entries to record the 2019 transactions including an entry to close out over- or under- allocated 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, Manufacturing Overhead Control, and Manufacturing Overhead Allocated accounts