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Instructions Montenegro Metal 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 $1,450,400 Factory 2 $800,250 24,250 Estimated tactory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for March Actual direct labor hours for March 51,800 $116,120 $98,220 2.920 Actual machine hours for March 4.200 Required: Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. C. Joumalize the Mar. 31 entries to apply factory overhead to production in each factory for March. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Ines for journal explanations. Every Nine on a journal page is used for debut or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 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 Factory Overhead Rates x 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 Journal c. Journaize the Mar 31 entry to apply factory overhead to production in Factory 1 for March. Refer to the chart of accounts for the exact wording or the account res. CNOW foumals da not use lines for journal explanations. Every line on a journal page is used for dobit or credit entrios. CNOW ownals will automatically indent a credit untry when a credit amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. RER DERIT CREDIT ASSETS LIABILITIES TOUTY 1 Joumal Now youmalize the second Mar. 31 entry to apply factory overhead to production in Factory 2 for March. Refer to the chart of accounts for the exact wording of the account tillos. CNOW journals do not use lines for journal explanations. Every kine on a journal page is used for debit or credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT ASSETS UABUTI courty 1 d. Determine the balances of the factory overhead accounts for each factory as of March 31 and indicate whether the amounts represent personlied factoreoverhead or underapplied factory overhead. Enter your answer as a positive number, Factory 1 S Factory 2 S

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