Factory Overhead Rates, Entries, and Account BalanceEclipse 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 directlabor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows:Factory 1Factory 2Estimated factory overhead cost for fiscalyear beginning August 1$717,960$1,050,800Estimated direct labor hours for year14,200Estimated machine hours for year23,160Actual factory overhead costs for August$57,510$90,930Actual direct labor hours for August1,280Actual machine hours for August1,810a. Determine the factory overhead rate for Factory 1.per machine hourb. Determine the factory overhead rate for Factory 2.per direct labor hourc. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank.Factory 1Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factoryoverhead or underapplied factory overhead.Factory 1 $Factory 2 $

Name: Factory Overhead Rates, Entries, and Account BalanceEclipse Solar Com
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Description: Factory Overhead Rates, Entries, and Account BalanceEclipse 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 directlabor hours in Factory 2. Estimated f

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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 August. If an amount box does not require an entry, leave it blank. Factory 1 Factory 2

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 August. If an amount box does not require an entry, leave it blank. Factory 1 Factory 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Journalize the entry to record the factory labor costs Journalize the entry to apply factory overhead to production for November.
Journalize the entries
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