Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 42. the following account appears in the ledger af

42. The following account appears in the ledger after only part of the postings have...

70.2K

Verified Solution

Question

Accounting

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

Balance, July 1

53,200

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.

(b)

What is the balance ($ amount and if it is a DR or CR 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.

JOURNAL

Date Post. DR CR

(a)-1

(a)-2

(b)

(c)

(d)

Please i need help.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered...

Statistics
Q

Sketch the graph of y = x3 − 3x + 3.

Advance Math
Q

Using a 0.20 M phosphate buffer with a pH of 7.4, you add 0.71 mL of...

Chemistry
Q

a. How do experiments differ from other kinds of research designs? b. What are some examples of...

Psychology
Q

Differences in means 1. Does quench water temperature affect average yield strength 2. Does O-ring hardness affect average...

Mechanical Engineering
Q

Discuss why sponsoring senior leadership and applying a change management approach are influential and essential factors...

Psychology
Q

In this excerpt from her biography Living Well Living Good Maya Angelou used which of...

Biology
Q

The test scores for the analytical writing section of a particular standardized test can be...

Statistics
Q

Regression analysis is being used to find the line of best fit(y=a+bx) from twelve pairs...

Accounting
Q

Si pide prestado un monto de capital de $11,778 y debe pagar el prstamo en...

Accounting
Q

Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA...

Accounting
Q

Quatro Co. issues bonds dated January 1, 2019, with a par value of $860,000. The...

Accounting