Assume that actual overhead consisted of $20,000 for indirect labor, $20,000 for indirect material, and $15,000 for depreciation of factory equipment. Based on the preset rates, $50,000 of overhead was applied to work in process. Which statement is true?

• There will be a $5,000 debit balance in Factory overhead
• There will be a $5,000 credit balance in Factory overhead
• There will be a $10,000 credit balance in Factory overhead
• or none of the above?