If the Predetermined Overhead Allocation Rate Is 350% of Direct $\begin{array}{l}\text { Goods in Process Inventory, Painting Dept } &70,000\\\text { Factory Overhead }&&70,000\end{array}$

True/False

If the predetermined overhead allocation rate is 350% of direct labor cost and the Painting Department's direct labor cost for the reporting period is $20,000, the following entry would record the allocation of overhead to the products processed in this department:
$\begin{array}{l}\text { Goods in Process Inventory, Painting Dept } &70,000\\\text { Factory Overhead }&&70,000\end{array}$