Practice Question 3 The Brennan Company uses ajob cosing system with two direct coss, firect materials and direct labor and one cost pool expenses. The company uses a budgeted overhead allocation rate of $35/direct labor hours a Raw M Mat During 2017, the following activities took place (a) Direct materials purchased on credit during the period, $370,000 (b) $175,000 direct materials and $47,500 indirect materials were transferred into production (c) Direct labor of $510,000 was incurred and paid during the period (d) Paid the following indirect costs: HOH Plant Utilities Security guard salary Indirect mfg Labor Plant insurance Plant Manager's salary $34,000 $25,000 $52,000 $16,500 $110,.000 3, 500 c) wiP Cosh rea e) Allocate indirecet acturig csts actusl drec ber h ued during the period sdMOH (0) Cost of goods completed during the period, $775.000 (8) Cost of goods sold during the period, $620,000 (h) Dispose of overhead over- or under-allocated during the period 7,500 hours The company uses COGS to adjust for over or under-allocated overhead REQUIRED Enter the above transactions into the appropriate T accounts provided