If the Predetermined Overhead Allocation Rate Is 245% of Direct $\begin{array}{llr} \text { Work in Process Inventory, Baking Dept. } &24,500\\ \text { Factory Overhead} &&24,500\\\end{array}$

True/False

If the predetermined overhead allocation rate is 245% of direct labor cost, and the Baking Department's direct labor cost for the reporting period is $10,000, the following entry would be made to record the allocation of overhead to the products processed in this department:
$\begin{array}{llr} \text { Work in Process Inventory, Baking Dept. } &24,500\\ \text { Factory Overhead} &&24,500\\\end{array}$