Penn company uses a job order cost accounting system in the

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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?

  1. Debit Payroll Expense $28,900; credit Cash $28,900.
  2. Debit Payroll Expense $24,600; debit Factory Overhead $4,300; credit Factory Payroll $28,900.
  3. Debit Goods in Process Inventory $24,600; debit Factory Overhead $4,300; credit Factory Payroll $28,900.
  4. Debit Goods in Process Inventory $24,600; debit Factory Overhead $4,300; credit Wages Payable $28,900.
  5. Debit Goods in Process Inventory $28,900; credit Factory Payroll $28,900.

Reference no: EM13600851

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