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conds. Question Completion Status: www. Raw Materials Inventory $ 15,460.00 Work-in-Process Inventory $110,428.02 Finished Goods Inventory $ Bennett uses a Product Costing System. Bennett uses a Normal Costing System with a single plantwide rate to assign overhead. Bennett uses direct labor hours (DLHours) as the activity driver. Bennett utilizes linear regression analysis for budgeting and forecasting purposes, and any overhead variances are deemed immaterial. Bennett collected data from 1996-2019 and regressed annual manufacturing overhead (the dependent variable) on annual direct labor hours (the independent variable). The results are below: SUMMARY OUTPUT Regression Statistics Multiple R 0.929121657 R Square 0.863267054 Adjusted R Square 0.85705192 Standard Error 1290.951496 Observations 24 Click Save and Submit to see and submit. Click Save All Answer to see all answer o BU arch Finished Goods Inventory S T SG i Completion Status: SS MS 231480561 231480561 36664226.83 1666555.765 2681447878 Significance F 138.897579 5.61698E-11 Regression Residual Total 22 23 Coefficients Standard Error Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 1616.004533 1506.773989 1.072492985 0.295122909 -1508.853462 4740.862528 -1508.853462 4740.862528 DLHours 5.68520717 0.482390734 11.7854817 5.61698E-11 4.684790018 6.6856243214.684790018 6.685624321 As of 13/20, Bennett expects to incur 2,500 direct labor hours in 2020. Bennett's production workers earn $15.00 per hour 00 11/02/20. Bernert incurred $15,000 of netual overhead ($7,000 of depreciation on production equipment, $4,500 paid in cash for insurance on production equipment and $3.500 paid in cash for indirect materials). What journal entries (if any) should Bennett record on 11/04/207 Round all calculations and dollar vakies to 4 digits For the toolbar, press ALT FTO (POOL ALTAN F10 (Mach Aria) 112 VITE Factory Overhead COGS Words:3 Pastra Chek and Submit to save and submit. Click Save All Auto ellos