2. 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 70,000 Direct materials 177,000 Direct labor 140,000 Factory overhead is applied to jobs at the rate of 30% of direct labor cost. The actual factory overhead incurred for July was 543,000. Jobs completed during the month totaled $400,000 Prepare the joumal 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 317 Was factory overhead overapplied or underapplied on July 317 (circle one) Determine the cost of the unfinished jobs on July 31. 3. Flagler Company allocates overhead based on machine hours. They estimated overhead costs for the year to be $420,000. Estimated machine hours were 50,000. Actual hours and costs for the year were 46,000 machine hours and $380,000 of overhead. Required: What is the predetermined factory overhead application rate for the year? What is the amount of applied overhead for the year? What is the amount of under or overapplied overhead for the year? Indicate whether it is overapplied or underapplied (circle one) b. c. d