Factory Overhead Rates, Entries, and Account Balance 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 Mabor 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 March 1 $602,580 $863,500 Estimated direct labor hours for year 15,700 Estimated machine hours for year 18,260 $48,030 $74,450 Actual factory overhead costs for March Actual direct labor hours for March Actual machine hours for March 1,410 1,420 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 March. If an amount box does not required Factory 1 Work in Process Factory Overhead Factory 2 Work in Process Factory Overhead dropdown Feedback 2 Check My Work C. Increase the work in process and reduce the factory overhead, 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 Debit Underapplied Factory 2 Credit Overapplied