Factory Overhead Rates, Entries, and Account Balance Instruction Chart of Accounts Factory Overhead Rates Journal Final Question Instructions Montenegro Metal 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: Factory 1 $1,504,500 Factory 2 S914,400 25,400 50,150 Estimated factory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for March Actual direct labor hours for March Actual machine hours for March $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 G. Journalize the Mar. 31 entries to apply factory overhead to production in each factory for March. Refer to the chart of accounts for the exact wording of the account willes. CNOW Journals do not use lines for journal explanations. Every line on a journal pages used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. Factory Overhead Rates, Entries, and Account Balance Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 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 181 Land 191 Factory 192 Accumulated Depreciation-Factory Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Chart of Accounts 191 Factory 192 Accumulated Depreciation-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 Foos Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Factory Overhead Rates 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 Dance Instruction Chart of Accounts Factory Overhead Rates Journal Final Gunston Journal VOURNAL ACCOUNTING CUATION DACE DESCRIPTION POSTER DEBIT CREDIT AISTI LARUTIES CUIT 1 Now journakre the second Mw. 51 erdry to apply factory overhead to production in Factory for March Actor as the chart of accounts for the exact wording of the account . CHOW journals do not one for journal explanations. Every line on a journal page is used for debitor credit entre CNOW formally will automatically adorit a crede entry when a credit amount is erytored JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTER DOBIT CREDIT ASSETS LIABILITIES TOUTY Factory Overhead Rates, Entries, and Account Balance Instructions Chart of Account Factory Overhead Rates Journal Final Question Final Question d. Determine the balances of the factory overhead accounts for each factory as of March 31 and indicate whether the amounts representeeled factory worked or under oplied factory.cread. Enter your answer as a positive number Factory 1 Factory 2 Check My Work 3 more Check My Work uses remaining