Factory Overhead Rates, Entries, and Account Balance 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 hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 $12,900,000 $10,200,000 250,000 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 600,000 $1,082,500 $840,833 20,416 50,833 a. Determine the factory overhead rate for Factory 1. Round the answer to two decimal places, $ 21.50 per machine hour b. Determine the factory overhead rate for Factory 2. Round the answer to two decimal places. $ 40.80 per direct labor hour Feedback C. Journalize the entries to apply factory overhead to production in each factory for March. When required, round your answers to the nearest dollar. Factory 1 Work in Process 1,092,910 Factory Overhead 1,092,910 250,041 x Factory 2 Work in Process Factory Overhead 20,457 x Feedback 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. When required, round your answers to the nearest dollar. Factory 1 $1,092,91 x Credit Overapplied Factory 2 $9,167.00 X Debit Underapplied