Factory overhead rates, entries, and account balance Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Instructions Sundance 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 Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 $1,478,250 Factory 2 $1,023,050 27,650 54,750 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 $111,040 $103,620 2.750 4,170 Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journakze the Mar, 31 entries to apply factory overhead to production in each factory, Peter to the chart of accounts for the exact wording of the account titles. d. Determine the balances of the factory overhead accounts for each factory as of March 31, and indicate whether the amounts represent overavelled factory overhead or underlied factory overhead. Previou su Factory overhead rates, entries, and account balance Instructions Chart of Accounts Factory Overhead Rates Instructions Factory Overhead Rates x Su tory over Fa e hours a a. Determine the factory overhead rate for Factory 1. Factor $ per machine hour $1,47 b. Determine the factory overhead rate for Factory 2. 5 $ $11 per direct labor hour 4,170 D. DOLOTOW Tactory ovurmou To Tor QUTY . C. Journalize the Mar. 31 entries to apply factory overhead to production in each the account titles. d. Determine the balances of the factory overhead accounts for each factory as o overapplied factory overhead or underapplied factory overhead. Factory overhead rates, entries, and account balance Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Instructions Factory Overhead Rates Joumal c. Joumalize the Mar. 31 entry to apply factory overhead to production in Factory 1. Refer to the Chart of Accounts for exact wording of account titles. Scroll down to record the entry for Factory 2 PAGE 10 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 the accountitles d. Determine the balances of the factory overhead accounts for each factory as of March 31, and indicate whether the amounts represent Factory overhead rates, entries, and account balance Journal Final Question Instructions Chart of Accounts Factory Overhead Rates X Instructions Factory Overhead Rates Journal Final Question d. Determine the balances of the factory overhead accounts for each factory as of March 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead $ Factory 1 Factory 2 $