Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August Factory 11 Factory 2 $734,870 $500,200 6,200 17,090 $50,620 $43,330 740 1,330 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 c. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it biank Factory 1 Actual factory overhead costs for August Actual direct labor hours for August $58,620 $43,330 740 Actual machine hours for August 1,330 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 c. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factory overheat or underapplied factory overhead. Factory 1 S Factory 2 s