Production Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2021: (Click the icon to view the data.) Production Co. uses a normal-costing system and allocates overhead to work in process at a rate of $2.90 per direct manufacturing labour dollar. Indirect materials are insignificant, so there is no inventory account for indirect materials. Requirement 1. Prepare journal entries to record the transactions for 2021 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. (Record debits first, then credits. Exclude explanations from any journal entries.) Production Company produces gadgets for the coveted small appliance market. The Data Required 1. Prepare journal entries to record the transactions for 2021 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. 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