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.Journalize the 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 overapplied or underapplied on July 31?
d.Determine the balance of Work in Process on July 31.
Definitions:
Marketing Mix
A set of actions, or tactics, that a company uses to promote its brand or product in the market, commonly identified as product, price, place, and promotion.
Communication
The exchange of information, ideas, or feelings between individuals or groups through speaking, writing, or other methods.
Product Value
The worth or desirability of a product as perceived by consumers, often determined by its utility, quality, and the benefits it provides.
Promotion
A marketing strategy used to increase awareness, interest, and sales of a product or service through various advertising and communication efforts.
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