Business, 22.04.2020 19:30 hoopstarw4438

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 overapplied or underapplied on July 31?

(d) Determine the cost of the unfinished jobs on July 31.

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Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory over...