Question 6, Problem 4-34 (alt1) Part 1 of 19 HW Score: 50.04%, 3 of 6 points O Points: 0 of 1 Inflection 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.) Save Inflection Co. uses a normal-costing system and allocates overhead to work in process at a rate of $2.70 per direct manufacturing labour dollar. Indirect materials are insignificant, so there is no inventory account for indirect materials. Required www 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 joumal entries.) Record the purchase of direct materials, $120,000 (1.) Journal Entry Accounts Debit Credit Data Question 6, Problem 4-34 (alt1) Part 1 of 19 Costs incurred: Purchases of direct materials (net) on credit $ 120,000 Direct manufacturing labour cost 85,000 Indirect labour 54,900 Depreciation, factory equipment 34,000 Depreciation, office equipment 7,300 Maintenance, factory equipment 26,000 Miscellaneous factory overhead 9,200 Rent, factory building 72,000 Advertising expense 97,000 Sales commissions 33,000 Inventories: January 1, 2021 December 31, 2021 Direct materials $ 9,700 $ 16,000 Work in process 6,500 23,000 Finished goods 67,000 25,000 Print Done MacBook Air per direct manufacturing labou Prepa that w many j ase of 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 I 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. - X ed overhe backup f Print Done