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 Balance, July 1 Direct materials 70,000 177,000 140,000 Direct labor Factory overhead is applied to jobs at the rate of 30% of direct labor cost. The actual factory overhead incurred for July was $43,000. Jobs completed during the month totaled $400,000. Prepare the journal entries to record: (A) the application of factory overhead to production during July. (B) Jobs completed during July. What is the balance of the factory overhead account on July 31? Was factory overhead overapplied or underapplied on July 31? (circle one) Determine the cost of the unfinished jobs on July 31.
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 Balance, July 1 Direct materials 70,000 177,000 140,000 Direct labor Factory overhead is applied to jobs at the rate of 30% of direct labor cost. The actual factory overhead incurred for July was $43,000. Jobs completed during the month totaled $400,000. Prepare the journal entries to record: (A) the application of factory overhead to production during July. (B) Jobs completed during July. What is the balance of the factory overhead account on July 31? Was factory overhead overapplied or underapplied on July 31? (circle one) Determine the cost of the unfinished jobs on July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Balance, July 1
Direct materials
70,000
177,000
140,000
Direct labor
Factory overhead is applied to jobs at the rate of 30% of direct labor cost. The actual factory overhead incurred for July
was $43,000. Jobs completed during the month totaled $400,000.
Prepare the journal entries to record:
(A) the application of factory overhead to production during July.
(B) Jobs completed during July.
What is the balance of the factory overhead account on July 31?
Was factory overhead overapplied or underapplied on July 31? (circle one)
Determine the cost of the unfinished jobs on July 31.
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