1. The following account appears in the ledger after only part of the postings have been completed for July, the first month of the fiscal year: (16 pts) Work-In- Process Balance, July 1 53,200 Direct Materials 147,000 Direct Labor 120,000 Manufacturing overhead is applied to jobs at the rate of 60% of direct labor cost. The actual Manufacturing 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 Manufacturing overhead to production during July and (2) the jobs completed during July. (4 pts) b. What was the balance of the Manufacturing overhead account on July 31