24. The cost of production summary for Mahi Industries follows: Mahi Industries Cost of Production Summary For the Month Ended May 31,20 Cost of production for month: Materials Labor Factory overhead $8,000 4,000 15,000 Total costs to be accounted for Unit output for month: Finished and transferred to Finished goods during month Equivalent units of work in process, end of month (2,000 units, 25% completed) 3,500 500 Total equivalent production 4.000 Unit cost for month: Materials ($8,000/4,000) Labor ($4,000 4,000) Factory overhead ($3,000/4,000) $2.00 1.00 -75 $3.75 Total Inventory costs: Cost of goods finished and transferred to Finished goods during month: (3,500 x $3.75) $13,125 Cost of work in process, end of month: $1,000 500 Materials (2,000 x .25 x $2.00) Labor (2,000 x .25 x $1.00) Factory overhead (1,000 x 25 x $.75) 1.875 $15,000 Total production costs accounted for What is the journal entry to record factory overhead applied to production? 3,000 a. Work in process 3,000 Factory overhead 3,000 b. Factory overhead Various accounts 3,000 375 c. Work-in-process 375 Factory overhead 375 d. Factory overhead 375 Work in process