Time Elapsed: Attempt due: Jun 3 3 Minutes, 15 SI Information for three different companies follows. Each company applies factory overhead at the rate of 40% of direct labor cost. In each scenario, the following entry was made to record the actual overhead costs: Factory Overhead 85,000 Salaries Payable 50,000 Utilities Payable 15,000 Supplies 4,000 Accumulated Depreciation 16,000 Prepare a journal entry for each company to transfer raw materials to production, record direct labor costs on each job, and apply overhead at the predetermined rate. If the scenario involves underapplied or overapplied overhead, prepare an additional journal entry to transfer the amount to Cost of Goods Sold. Company A: Raw materials transferred to production totaled $100,000, and direct labor cost was $212,500. Company B: Raw materials transferred to production totaled $110,000, and direct labor cost was $200,000. Company C: Raw materials transferred to production totaled $90,000, and direct labor cost was $225,000. I'll do the Journal Entry for Company A for you. Work in Process 397,500 Raw Materials Inventory 100,000 Salaries Payable 212,500 Factory Overhead 85,000 To record costs and apply overhead at the predetermined rate ($212,500 X 40% = $85,000) \"*Since Factory Overhead applied is equal to actual factory overhead, no adjustment to COGS is needed. U Question 1 10 pts For Company B, what amount should be debited to WIP?