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: c. Journalize 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. Question not attempted. Factory 1 Estimated factory overhead cost for fiscal year beginning March 1 $12,900,000 Factory 2 $10,200,000 Estimated direct labor hours for year 250,000 DATE Estimated machine hours for year 600,000 1 Actual factory overhead costs for March $12,990,000 Actual direct labor hours for March $10,090,000 245,000 2 JOURNAL DESCRIPTION PAGE 10 Score: 0/25 POST. REF. DEBIT CREDIT Actual machine hours for March Required: 610,000 a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the Mar. 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. 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. Points: 0/5 Now journalize the second Mar. 31 entry to apply factory overhead to production in Factory 2. Refer to the Chart of Accounts for exact wording of account titles. Question not attempted. DATE 1 DESCRIPTION JOURNAL PAGE 10 Score: 0/25 POST. REF. DEBIT CREDIT 2 Factory Overhead Rates Shaded cells have feedback a. Determine the factory overhead rate for Factory 1. Estimated factory overhead cost for fiscal Factory 1 $12,900,000 Factory 2 $10,200,000 year beginning March 1 250,000 Estimated machine hours for year 600,000 Instructions Sundance Soler 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: Estimated direct labor hours for year Chart of Accounts ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable REVENUE 410 Seles 610 Interest Revenue EXPENSES 510 Cast of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies S Actual factory overhead costs for March $12,900.000 $10,000,000 142 Prepaid Insurance Actual direct labor hours for March 245,000 Actual machine hours for March 610,000 143 Prepaid Expenses 181 Land 534 Office Supplies Expense 540 Administrative Expenses 191 Factory 560 Depreciation Expense-Factory 590 Miscellaneous Expense 192 Accumulated Depreciation-Factory 710 Interest Expense Required: a. Determine the factory overhead rate for Fectory 1. b. Determine the factory overced rate for Fectory 2 c. Joumalize the Mar. 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account tities. 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 overced. LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Noles Payable 236 Interest Payable Final Question per machine hour Points: 10/1 b. Determine the factory overhead rate for Factory 2. per direct labor haur Points: 0/1 Shaded cells have feedback 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 underappled factory overhead, Factory 1 $ Factory 2 $ 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable. Feedback EQUITY credit debit overapplied underapplied Points. 4/6