The Following Account Appears in the Ledger After Only Part

question 137

Essay

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- or underapplied on July 31?
(d)Determine the balance of Work in Process on July 31.

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Definitions:

Positive Emotions

feelings that are enjoyable and desirable, such as happiness, love, or excitement, contributing to overall well-being.

Valenced Reactions

Emotional responses that can be positive or negative in nature, influenced by an individual's personal experiences, perceptions, or attitudes towards a particular event or piece of information.

Arousal

is a physiological and psychological state of being awoken or activated, as well as the readiness for activity.

Moods

are temporary emotional states that differ from emotions by being less specific, less intense, and longer-lasting, influencing a person's perception and behaviors.