The Following Account Appears in the Ledger After Only Part

question 160

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:
Work in Process
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.

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Definitions:

Package

A package is a namespace that organizes a set of related classes and interfaces.

GUI Application

An application that provides a graphical user interface to interact with users, using elements like windows, icons, and menus.

Applet

An applet is a small application designed to run within another application or on a web page, often requiring a plug-in or a compatible web browser to execute.

Convert

Convert refers to changing data from one type to another, such as transforming an integer into a string in programming.