Selected accounts with some amounts omitted are as follows work in process aug. 1 balance 275,000 aug. 31 goods finished 1,030,000 31 direct materials x 31 direct labor 450,000 31 factory overhead x factory overhead aug. 1—31 costs incurred 145,000 aug. 1 balance 15,000 31 applied x if the balance of work in process on august 31 is $220,000, what was the amount debited to work in process for factory overhead in august, assuming a factory overhead rate of 30% of direct labor costs? a. $70,000

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.