The following account appears in the ledger after only part of the postings have been completed for January, the first month of the current fiscal year: Work in Process 60,200 Jan. 1 Balance Direct materials 147,000 150,000 Direct labor Factory overhead is applied to jobs at the rate of 70% of direct labor cost. The actual factory overhead incurred for January was $98,000. Jobs completed during the month totaled $321,500. (a) Prepare the journal entries to record (i) the factory overhead incurred and paid during January (paid by cash); (ii) the application of factory overhead to work in process during January; and (iii) the jobs completed during January. (6 marks) (b) Calculate the amount of factory overhead over applied or under applied on January 31? (2 mark) (c) Prepare the journal entries to record overapplied or underapplied overhead. It is assumed that the recorded amount is not material. (2 marks) (d) Determine the balance of Work in Process on January 31. (Note: You answer is expected to show a detailed calculation with listing the items to arrive the balance figures.) (6 marks)