Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The...
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Accounting
Factory Overhead Rates, Entries, and Account Balance
- 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:
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| Factory 1 | Factory 2 | |||
| Estimated factory overhead cost for fiscal |
|
|
| ||
|
| year beginning March 1 | $740,520 |
| $860,700 |
|
| Estimated direct labor hours for year |
| 15,100 |
| ||
| Estimated machine hours for year | 20,570 |
|
| ||
| Actual factory overhead costs for March | $59,040 |
| $74,420 |
| |
| Actual direct labor hours for March |
| 1,360 |
| ||
| Actual machine hours for March | 1,600 |
|
| ||
a. Determine the factory overhead rate for Factory 1.
b. Determine the factory overhead rate for Factory 2.
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