Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 nd on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $1,504,500 $914,400 Estimated direct labor hours for year 25,400 Estimated machine hours for year 50,150 Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August $121,580 $107,200 2,930 4,100 Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the Aug. 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Enter all amounts as positive numbers. Eclipse Solar Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary c. Journalize the Aug. 31 entry to apply factory overhead to production in Factory 1. Refer to the chart of accounts for the exact wording of the do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or s entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Scroll down to record the entry for Factory 2. DATE DESCRIPTION 1 2 JOURNAL AC POST, REF. DEBIT CREDIT ASSETS Now journalize the second Aug. 31 entry to apply factory overhead to production in Factory 2. Refer to the chart of accounts for the exact word CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add e between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. JOURNAL DATE DESCRIPTION AC POST. REF DEBIT CREDIT ASSETS a. Determine the factory overhead rate for Factory 1. per machine hour b. Determine the factory overhead rate for Factory 2. per direct labor hour d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Enter all amounts as positive numbers. Factory 1 Factory 2 $