Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Instructions 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 $1,450,400 $800,250 Estimated direct labor hours for year 24,250 Estimated machine hours for year 51,800 Actual factory overhead costs for March $116,120 $98,220 Actual direct labor hours for March 2,920 Actual machine hours for March 4,200 Required: 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 for March. Refer to the Chart of Accounts for exact wording of 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. Enter your answer as a positive number. Previous My Work 5 more Check My Work uses remaining.
Instructions Chart of Accounts Factory Overhead Rates Journal Final Question Instructions 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 $1,450,400 $800,250 Estimated direct labor hours for year 24,250 Estimated machine hours for year 51,800 Actual factory overhead costs for March $116,120 $98,220 Actual direct labor hours for March 2,920 Actual machine hours for March 4,200 Required: 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 for March. Refer to the Chart of Accounts for exact wording of 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. Enter your answer as a positive number. Previous My Work 5 more Check My Work uses remaining.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Instructions
Chart of Accounts
Factory Overhead Rates
Journal
Final Question
Instructions
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
$1,450,400
$800,250
Estimated direct labor hours for year
24,250
Estimated machine hours for year
51,800
Actual factory overhead costs for March
$116,120
$98,220
Actual direct labor hours for March
2,920
Actual machine hours for March
4,200
Required:
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 for March. Refer to the Chart of Accounts for exact
wording of 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. Enter your answer as a positive number.
Previous
My Work 5 more Check My Work uses remaining.
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