EX 16-9 Factory overhead rates, entries, and account balance Obj. 2 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 Estimated factory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year $12,900,000 $10,200,000 600,000 Actual factory overhead costs for March $12,990,000 $10,090,000 Actual direct labor hours for March 245,000 Actual machine hours for March A. Determine the factory overhead rate for Factory 1. B. Determine the factory overhead rate for Factory 2. C. Journalize the entries to apply factory overhead to production in each factory for March. D. Determine the balances of the factory overhead accounts for each factory as of March 31. and indicate whether the amounts represent over- or underapplied factory overhead.

EX 16-9 Factory overhead rates, entries, and account balance Obj. 2 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 Estimated factory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year $12,900,000 $10,200,000 600,000 Actual factory overhead costs for March $12,990,000 $10,090,000 Actual direct labor hours for March 245,000 Actual machine hours for March A. Determine the factory overhead rate for Factory 1. B. Determine the factory overhead rate for Factory 2. C. Journalize the entries to apply factory overhead to production in each factory for March. D. Determine the balances of the factory overhead accounts for each factory as of March 31. and indicate whether the amounts represent over- or underapplied factory overhead.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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