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:

Glans Penis

The rounded head (or tip) of the penis.

Prepuce

The fold of skin that covers the glans of the penis in males or surrounds the clitoral glans in females, also known as foreskin in males.

Ovary

A female reproductive organ in which oocytes (eggs) are produced, and hormones like estrogen and progesterone are secreted.

Prostate Gland

The prostate gland is a male reproductive organ that produces seminal fluid, which nourishes and transports sperm.