2. Selected accounts with some debits and credits omitted are presented as follows: Aug. 1 Balance 31 Direct materials 31 Direct labor 31 Factory overhead applied Work in Process 475,000 Aug. 31 To Finished Goods 1,430,000 X *400,000 X Factory Overhead 190,000 Aug. 1 Balance 15,000 Aug. Costs incurred 1-31 31 applied If the balance of Work in Process at August 31 is $100,000, what was the amount debited to Work in Process for Direct Materials in August, assuming an established factory overhead rate of 30% of direct labor cost? So, what is the amount of overhead that has a. $475,000 been applied to Work in Process? 30% of direct labor according to the problem. OK, b. ***$535,000 you can now fill in the X for Factory Overhead c. $635,000 d. $875,000 Now, looking at Work in Process we see that the account is credited for $1,430,000 and the problem tells us that the balance after the credit) is $100,000. How much would the