How does grading work? PAGE 10 JOURNALACCOUNTING EQUATION Score: 98/125 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Mar. 31 Work in Process 70,100.00 Factory Overhead 7,400.00 Materials 77,500.00 Mar. 31 Work in Process 54,500.00 Factory Overhead Wages Payable Mar. 31 Work in Process Factory Overhead Mar. 31 Finished Goods Work in Process Points: 18.82 / 24 Check My Work a. Record direct materials costs in the Work in Process account, and indirect materials costs in the Factory Overhead account. b. Record direct labor costs in the Work in Process account, and indirect labor costs in the Factory Overhead account. c. Apply factory overhead based on direct labor costs. d. When a job is completed, it is transferred out of work-in-process and into finished goods