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Problem - Factory overhead rates, entries, and account balance
Bryson 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 November 1
$660,000
$798,000
Estimated direct labor hours for year
21,000
Estimated machine hours for year
30,000
Actual factory overhead costs for November
$53,200
$72,800
Actual direct labor hours for November
2,000
Actual machine hours for November
2,184
Required -
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 November.
d. Determine the balances of the factory accounts for each factory as of November 30, and indicate whether the amounts represent overapplied or underapplied factory overhead.
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