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Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The chief cost...

Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The chief cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $600,300, and total direct labor costs would be $522,000. During May, the actual direct labor cost totaled $45,000, and factory overhead cost incurred totaled $53,800.

a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.

b. Journalize the entry to apply factory overhead to production for May.

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c. What is the May 31 balance of the account Factory Overhead—Blending Department?

Amount: $-------------

Debit or Credit?-----------

d. Does the balance in part (c) represent overapplied or underapplied factory overhead?

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Answer #1
1 Factory overheads 600300
Direct labor cost 522000
Predetermined overhead rate 115%
2 Journalize
Work in process 51750 (45000*115%)
           Factory overheads 51750
3 May 31 balance (53800-51750) 2050 Debit
4 Under-applied 2050
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