Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $33,500 for direct labor and $6,700 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll

The entry should Penn make would be as follows:

                                                  Debit     Credit

Goods in process inventory   $33,500

factory overhead                      $6,700

Factory Payroll                                        $40,200

Explanation:

To make the preparation of the entry should Penn make to assign the Factory Payroll we would have to calculate the factory payroll as follow:

Factory Payroll=Goods in process inventory+factory overhead

Factory Payroll=$33,500+$6,700

Factory Payroll=$40,200

Therefore, the entry should Penn make would be as follows:

                                                  Debit     Credit

Goods in process inventory   $33,500

factory overhead                      $6,700

Factory Payroll                                        $40,200

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