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3 October, 17:42

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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  1. 3 October, 21:38
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    Journal entries

    Explanation:

    The journal entries are as follows

    1) Work in Process Dr $72,000

    To factory overhead $72,000

    (Being the application of factory overhead is recorded)

    It is computed below:

    = $120,000 * 60%

    = $72,000

    (2) Finished Goods $301,200

    To Work in Process $301,200

    (Being the job completed during July is recorded)

    Only these two above entries are passed
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