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 July1 Balance 60,200 Direct materials 147,000 Direct labor 120,000 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.
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