The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: 
Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the month totaled $301,200.
a) Prepare the journal entries to record 1) the application of factory overhead to production during July and 2) the jobs completed during July.
b) What is the balance of the factory overhead account on July 31?
c) Was factory overhead over applied or under applied on July 31?
d) Determine the balance of Work in Process on July 31.
Definitions:
Meselson And Stahl
Two scientists who conducted an experiment in 1958 proving that DNA replication is semi-conservative, where each of the two strands of the DNA helix serves as a template for the new strand.
Telomeres
The protective end caps of chromosomes that consist of short, simple, non-coding DNA sequences that repeat many times.
Centromeres
Centromeres are regions on a chromosome where spindle fibers attach during cell division, serving as a constriction point that holds sister chromatids together.
Telomerase Catalytic Subunit
A key protein component of telomerase, an enzyme that adds DNA sequence repeats to the telomeres of chromosomes, facilitating cellular replication.
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