Answer:
<u>Over Applied Overhead      = $ 4000</u>
Actual Manufacturing Overhead = $45,000
Manufacturing Overhead Applied = $ 49,000
Explanation:
                                           Job 101        Job 102        Job 103 
Total Direct materials      $ 19,200     $ 14,400       $ 9,600       $ 43,200 
Direct labor                    $ 28,800       $ 11,200        $ 9,600      $ 49,600 
Machine hours              1,000 hrs        4,000 hrs      2,000 hrs   7,000 hours 
<u>Manufacturing overhead   $ 7000       $ 28,000      14,000 </u>
<u>Total                                $ 55,000         53,600        33,200</u>
 Actual overhead costs recorded during the first month of operations totaled $45,000. 
<u>Journal Entries </u>
<u>Sr. No                    Particulars                 Debit                   Credit</u>
Job 102               Finished Goods           53,600
                            Work In Process                                     53,600
A journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 
Job 101                 Sales                         60,000 
                         Cost Of Goods Sold                              60,000
Journal entries to recognize the sales revenue and cost of goods sold for Job 101. 
Job 101              Cost of Goods Sold        55,000
                           Finished Goods Inventory                  55,000
Manufacturing Overhead Applied =   $ 7000 + $ 28,000+14,000 = $ 49,000
Job 101 = 1000/60,000 * $ 420,000= $ 7000
Job 102 = 4000/60,000 * $ 420,000= $ 28000
Job 103 = 2000/60,000 * $ 420,000= $ 14000
Actual Manufacturing Overhead = $45,000
<u>Over Applied Overhead      = $ 4000</u>
                                     
       Manufacturing Overhead  Accounts $ 4000  debit                    
               Cost of Goods Sold          $ 4000 Credit
  Entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. 
(Entry to reduce the amount of Over applied Overhead)