Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance

The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $698,500, and total direct labor costs would be $635,000. During February, the actual direct labor cost totaled $55,000, and factory overhead cost incurred totaled $62,900.

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a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. fill in the blank 1 of 1 %

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b. Journalize the entry to apply factory overhead to production for February. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
blank	Accounts PayableCashFactory Overhead-Blending DepartmentWages PayableWork in Process-Blending Department	- Select -	- Select -
	Accounts PayableCashFactory Overhead-Blending DepartmentFinished GoodsWork in Process-Blending Department	- Select -	- Select -

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Recall how the predetermined overhead is applied to departments. How does the applied overhead affect work in process?

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c. What is the February 28 balance of the account Factory OverheadBlending Department? Amount: fill in the blank 1 of 1$ Debit or Credit?

CreditDebit

d. Does the balance in part (c) represent overapplied or underapplied factory overhead?