Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Instructions 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: Factory 1 $18,600,000 Factory 2 $44,000,000 800,000 1,250,000 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 $1,515,800 $3,606,300 64,500 105,000 Required: a Determine the factory overhead rate for Factory 1. Round your answer to two decimal places, b. Determine the factory overhead rate for Factory 2. c Journalize the Aug 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Ines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapolied factory overhead or underappalec factory overhead. Enter all amounts as positive numbers. Factory overhead rates, entries, and account balance Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Chart of Accounts CHART OF ACCOUNTS Eclipse Solar Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory EXPENSES 510 Cost of Goods Sold 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 Factory overhead rates, entries, and account balance Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Chart of Accounts 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory 540 Administrative Expenses 560 Depreciation Expense-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 Payablo 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Factory overhead rates, entries, and account balance Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Factory Overhead Rates a. Determine the factory overhead rate for Factory 1. Found your answer to two decimal places, per machine hour b. Determine the factory overhead rate for Factory 2. $ per direct labor hour How Factory overhead rates, entries, and account balance Chart of Account Factory Overheed Rates Journal Final Question Journa Joumi e Augenby to by bactory try to count NOW refore or journal explanation when we wersCNOW orically indertretentry when a credit amount dry for MOEN ACCOUNTING OUTON DE CREDIT Nowe porte escond Aug 31 ay ay ay mature for at the NOW to normalno Dorottersinemala CNOW ACCOUNTING EQUATION d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts representated factory overhead or underlied factory overhead Enteral amounts as positive numbers Factory 1 Factory 2