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 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $12,000,000 $8,360,000 Estimated direct labor hours for year 440,000 Estimated machine hours for year 320,000 $1,012,630 $695,000 36,250 27,500 Actual factory overhead costs for March Actual direct labor hours for March Actual machine hours for March Required: a. Determine the factory overhead rate for Factory 1. Round the answer to two decimal paces. b. Determine the factory overhead rate for Factory 2. Round the answer to two decimal paces. c. 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 titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. When required, round your answers to the nearest dollar. d. Determine the balances of the factory overhead accounts for each factory as of March 31 and indicate whether the amounts represent overappled factory overhead or underapplied factory overhead. When required, round your answers to the nearest dollar. Enter your answer as a positive number. Check My Work Previous Next eBook RODETO 110 Cash 121 Accounts Receivable 125 Notes Receivable Show Me How REVENUE 410 Sales 610 Interest Revenue Print Item 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 Intere Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable Check My Work EQUITY All work saved. MacBook Pro EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Factory Overhead Rates a. Determine the factory overhead rate for Factory 1. Round the answer to two decimal paces. $ per machine hour b. Determine the factory overhead rate for Factory 2. Round the answer to two decimal paces. $ per direct labor hour Journal c. Journalize the Mar. 31 entry to apply factory overhead to production in Factory 1 for March. Refer to the chart of accounts for the exact wording of the account sites. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered When required, round your answers to the nearest dollar. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DENT CREDIT ASSETS LIABILITIES EQUITY 1 Now journalize the second Mar. 31 entry to apply factory overhead to production in Factory 2 for March. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. When required, round your answers to the nearest dollar. DATE DESCRIPTION Check My Work PAGE 10 JOURNAL ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Previous Next 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. When required, round your answers to the nearest dollar. Enter your answer as a positive number Factory 1 S Factory 2 S