Question 10, E4-30 (boo. = Homework: Ch 4 - HW HW Score: 50.43%, 11.6 of 23 points f3 O Save Data Table Virtual Company produces gadgets for the coveted small appliance E (Click the icon to view the data.) Virtual Co. uses a normal-costing system and allocates overhead to insignificant so there is no inventory account for indirect materials. Read the requirements $ 125,000 88,000 54,700 36,000 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 Requirement 1. Prepare journal entries to record the transactions for used to authorize each entry. Also note which subsidiary ledger, if an Record the purchase of direct materials, $125,000. 7,300 b. For each journal entry indicate the source document that would be kplanations from any journal entries.) 26,000 9,600 Journal Entry 70,000 Accounts 92,000 (1.) 36,000 Materials Control Rent Payable Control Work-in-Process Control Materials Control Inventories: January 1.2020 December 31, 2020 Print Done Help Me Solve This e Text Pages Get More Ho Clear All Check Answer - Data Table Virtual Company produces gadgets for the coveted small appliance 5 Click the icon to view the data.) Virtual Co. uses a normal-costing system and allocates overhead to insignificant so there is no inventory account for indirect materials. 54,700 36,000 7,300 Read the requirements 26,000 Indirect labor Depreciation, factory equipment Depreciation, office equipment Maintenance, factory equipment Miscellaneous factory overhead Rent, factory building Advertising expense Sales commissions 9.600 Requirement 1. Prepare journal entries to record the transactions for used to authorize each entry. Also note which subsidiary ledger, if any 70,000 92,000 36,000 . For each journal entry indicate the source document that would be kplanations from any journal entries.) Record the purchase of direct materials, $125,000. Journal Entry Inventories: Accounts (1.) Direct materials January 1, 2020 December 31, 2020 9,700 $ 6,200 24,000 Materials Control Rent Payable Control Work-in-Process Control Materials Control 13,000 Work in process Finished goods 66,000 32,000 Print Done Veln Mesolve This Text PAC Cet More Clear All Check Answer Virtual Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2020: (Click the icon to view the data.) Virtual Co. uses a normal-costing system and allocates overhead to work in process at a rate of $2.50 per direct manufacturing labor dollar. Indirect materials are insignificant so there is no inventory account for indirect materials. Read the requirements Requirements Requirement 1. Prepare journal entries to record the transactie used to authorize each entry. Also note which subsidiary ledger Record the purchase of direct materials, $125,000. each journal entry indicate the source document that would be tions from any journal entries.) Journal Enti 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. Accounts (1.) Materials Control Rent Payable Control Work-in-Process Control Materials Control Print Done Virtual Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2020: 5 Click the icon to view the data.) Virtual Co. uses a normal-costing system and allocates overhead to work in process at a rate of $2.50 per direct manufacturing labor dollar. Indirect materials are insignificant so there is no inventory account for indirect materials. Read the requirements R.R. Requirement 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. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the purchase of direct materials, S125,000. Journal Entry Accounts Debit Credit (1.) Materials Control Rent Payable Control Work-in-Process Control Materials Control