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Chapter 17 Job Order Costing 817 EX 17-9 Factory overhead rates, entries, and account balance...

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Accounting

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Chapter 17 Job Order Costing 817 EX 17-9 Factory overhead rates, entries, and account balance Tiny 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: OBJ. 2 536 per direct bor hour Biggs Company operates two factories. The company applies factory overhead to jobs Factory 1 Factory 2 Estimated factory overhead cost for fiscal 5954,000 26,500 year beginning September 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for September Actual direct labor hours for September Actual machine hours for September 52,000 $102,350 2,795 $117,600 4,250 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 September. d. Determine the balances of the factory overhead accounts for each factory as of September 30, and indicate whether the amounts represent overapplied or under- applied factory overhead. mined factory overhead rate OBJ. 2

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