ACCOUNTING-Factory Overhead Rates, Entries, and Account Balance

QUESTION

Factory Overhead Rates, Entries, and Account BalanceHudson 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 1Factory 2Estimated factory overhead cost for fiscalyear beginning June 1$752,100$600,300Estimated direct labor hours for year8,700Estimated machine hours for year16,350Actual factory overhead costs for June$60,350$51,670Actual direct labor hours for June780Actual machine hours for June1,280a. Determine the factory overhead rate for Factory 1.$ per machine hourb. Determine the factory overhead rate for Factory 2.$ per direct labor hourHidec. Journalize the entries to apply factory overhead to production in each factory for June. Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of June 30, and indicate whether the amounts represent overapplied factory overhead orunderapplied factory overhead.Factory 1$SelectCreditDebitCorrect 2 of Item 3SelectOverappliedUnderappliedCorrect 3 of Item 3Factory 2$SelectCreditDebitCorrect 5 of Item 3SelectOverappliedUnderappliedCorrect 6 of Item 3

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