The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Landon Vincent 9 18 11 2 Fahad Hamad 11 15 13 1 Ivory Argo 8 20 9 3 The direct labor rate earned per hour by the three employees is as follows: Landon Vincent $35 Fahad Hamad 36 Ivory Argo 28 The process improvement category includes training, quality improvement, and other indirect tasks. Required: a. Journalize the entry on July 15 to record the factory labor costs for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Montenegro Metal 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: Estimated direct labor hours for year 320,000 Actual factory overhead cats for March Actual drect labor hours for March Actual machine hours for Mach Required: *Determine the factory overhead rate for Factory 1. Round the answer to two decimal paces. Determine the factory overhead rate for Factory 2. Round the answer to two decimal paces. Journalize the Mar. 31 entries to apply factory overhead to production in each factory for March. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. When required, round your answers to the nearest dollar. Determine the balances of the factory overhead accounts for each factory as of March 31 and indicate whether the amounts represent veeds. When required, round your answers to the nearest dollar. Enter your answer as a positive number Journal c. Journalize the Mar. 31 entry to apply factory overhead to productic accounts for the exact wording of the account titles. CNOW journals Every line on a journal page is used for debit or credit entries. CNOV entry when a credit amount is entered. When required, round your Question not attempted. DATE DESCRIPTION Now journalize the second Mar. 31 entry to apply factory overhea the chart of accounts for the exact wording of the account titles. explanations. Every line on a journal page is used for debit or cre indent a credit entry when a credit amount is entered. When req dollar. Question not attempted. DATE JOURNAL DESCRIPTION POST Feedback Check My Work c. Increase the work in process and reduce the factory overt Final Question d. Determine the balances of the factory overhead accounts for each factory as of March 31 and indicate whether the amounts represent overcoled to overhead of untered. When required, round your answers to the nearest dollar. Enter you answer as a positive number. Factory 1 Factory 2 $109,210 Feedback *Check My Work d. Compare the actual cost and the applied cost