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: July 1 -Work in Process 60,200 147,000 20,000 Balance Direct materials Direct labor Factory overhead is applied to obs at the rate of 60% of direct labor cost. The actual factory overhead incurred for u was S75,000 Jobs completed during the month totaled 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. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes, use July 31 for entries that would have been made 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