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D | Question 5 1 pts The Goods in Process Inventory account for AB Manufacturing follows. Compute the cost of jobs completed and transferred to

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D | Question 5 1 pts The Goods in Process Inventory account for AB Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Goods in Process Inventory 500 47,100 29,600 15,800 8.900 Beginning balance Direct materials Direct labor Applied overhead Ending balance Finished goods The cost of units transferred to finished goods is $97,000 $105,900. $88,100 $95,200 $92,500 A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used Goods in Process Inventory Finished Goods Inventory Beg Bal 100,800 DM DL Beg Bal 118.200 24.800 301.000 End Bal 131.040 End Bal 142000 Factory Overhead 93.240 90.720 $106,400. $113,120 $30.240 $211,680 $324,800. Question 8 When factory payroll costs for labor are allocated in a job cost accounting system: Factory Payroll is debited and Goods in Process Inventory is credited. Goods in Process Inventory and Factory Overhead are debited and Factory Payroll is credited. Cost of Goods Manufactured is debited and Direct Labor is credited Direct Labor and Indirect Labor are debited and Factory Payrollis credited. Goods in Process Inventory is debited and Factory Payrollis credited. 1 pts D | Question 9 Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll? Debit Payroll Expense $28,900:credit Cash $28,900. Debit PayrollExpense $24,600- debit Factory Overhead $4.300, credit Factory Payroll $28,900. Debit Goods in Process Inventory $24,600; debit Factory Overhead $4. 300, credit Factory Payroll 28,900. Debit Goods in Process Inventory $24,600: debit Factory Overhead $4,300: credit Wages Payable $28.900 Debit Goods in Process Inventory $28,900; credit Factory Payroll $28,900

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