Question Content Area Factory Overhead Rates, Entries, and Account Balance Eclipse 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: Factory 1Factory 2Estimated factory overhead cost for fiscal year beginning August 1$676,780 $1,224,600 Estimated direct labor hours for year 15,700 Estimated machine hours for year17,810 Actual factory overhead costs for August$54,140 $105,580 Actual direct labor hours for August 1,410 Actual machine hours for August1,390 Question Content Area a. Determine the factory overhead rate for Factory 1. $fill in the blank 5aa79bf2206bf94_1 per machine hour b. Determine the factory overhead rate for Factory 2. $fill in the blank 5aa79bf2206bf94_2 per direct labor hour Feedback Area Feedback a-b. Factory 1 overhead is applied based on machine hours. Factory 2 overhead is applied based on direct labor hours. Question Content Area c. Journalize the entries to apply factory overhead to production in each factory for August. If an amount box does not require an entry, leave it blank. Factory 1 Accounts ReceivableCashFactory OverheadFinished GoodsMaterialsWork in ProcessWork in Process Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessFactory Overhead Factory 2 Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessWork in Process Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessFactory Overhead Feedback Area Feedback c. Increase the work in process and reduce the factory overhead. Question Content Area d. Determine the balances of the factory overhead accounts for each factory as of August 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Factory 1$fill in the blank 33d42e0c3024008_1 CreditDebitDebit OverappliedUnderappliedUnderapplied Factory 2$fill in the blank 33d42e0c3024008_4 CreditDebitCredit OverappliedUnderappliedOverapplied Feedback Area Feedback d. Compare the actual cost and the applied cost.