Enterprise risk management (ERM) includes the systems and process companies use to maximize the effect of risk. True or False True False Portside Watercraft uses a job order costing system. During one month Portside purchased $173,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect. Portside incurred a factory payroll of $95,000, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The ournal entry to record the allocation of factory wages to production is: Multiple Choice Debit Work in Process Inventory $95,000; credit Factory Wages Payable $95,000. Debit Work in Process Inventory $95,000; credit Cash $95,000. Debit Factory Wages Payable $95,000; credit Cash $95,000. Debit Work in Process Inventory $70,000; debit Factory Overhead $25,000; credit Factory Wages Payable $95,000. Debit Work in Process Inventory $70,000; debit Factory Overhead $25,000; credit Cash $95,000