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Computing Predetermined Overhead Cost: 1. Kevin Corporation developed the following budgeted costs for the year: Direct materials P 120,000 Direct labor 330,000 Factory overhead 429,000 Total P 879,000 The following activity bases were also budgeted for the year: Labor hours 9,600 Machine hours 6,000 Units to be produced 12,000 Based on the current backlog, Kevin expects to produce 3,500 units during the first quarter that requires 2,600 labor hours and 1,700 machine hours. For this production, Kevin incurred direct materials of P 38,000 and direct labor of P 94,000. Required: Calculate the predetermined overhead rate and applied overhead cost using the following application base. a. Physical output b. Percentage of direct labor cost c. Percentage of direct materials cost d. Direct labor hours Subject: Cost Accounting and Control Module 3: Accounting for Factory Overhead e. Machine hours 2. New World Company has two producing departments (Mixing and Finishing) and two support departments (Maintenance and Technology). Department costs and other relevant data for the month of August 2015 are as follows: Support Departments Maintenance Technology Cost incurred P 83,200 P 50,000 Percentages provided to: Maintenance 10% Technology 20% Mixing department 30% 20% Finishing department 50% 70% 100% 100% Required: Calculate the support department costs allocated to Mixing and Finishing using: a. Direct distribution method b. Sequential distribution or step - down method c. Algebraic distribution or reciprocal method V. Multiple Choice 1. Sprint Company provided the following information for the month of July 2015: Factory overhead incurred P 340,600 Applied factory overhead Cost of goods sold P 217,000 Ending work in process inventory 62,000 Ending finished goods inventory 31,000 P 310,000 At what amount should the cost of goods sold be adjusted for the under- or overapplied factory overhead? a. P 21,420 debit b. P 21,420 credit c. P 30,600 debit d. P 30,600 credit 2. Day Mail Order applied the high-low method of cost estimation to customer order data for the first 4 months of 2015. What is the estimated variable order filling cost2. Day Mail Order applied the high-low method of cost estimation to customer order data for the first 4 months of 2015. What is the estimated variable order filling cost component per order? Month Orders Cost January 1,200 P 3,120 February 1,300 3,185 March 1,800 4,320 April 1,700 3.895 Subject: Cost Accounting and Control Module 3: Accounting for Factory Overhead 6,000 P 14,520 a. P 2.00 b. P 2.42 C. P 2.48 d. P 2.50 3. Noriel Company has collected the following information over the last six months: Month Units Produced Cost July 10,000 P 20,000 August 12,000 20,500 September 13,000 20,600 October 14,000 21,000 November 11,000 20,050 December 18,000 21,600 Using the high-low method, what is the variable cost per unit? a. P.20 b. P 1.20 c. P 1.49 d. P 1.59 4. Refer to the data for Noriel Company, using the high-low method, what is the total fixed cost? a. P 4,135 b. P 5,143 C. P 8,000 d. P 18,000 5. Refer to the data for Noriel Company, using the high-low method, what is the estimated total cost in a month when 14,000 units are produced? a. P 20,800 b. P 21,000 c. P 24,800 d. P 25,943 6. Alaska Company is a government contractor that has two service departments (Maintenance and Personnel) and two production departments (Cutting and Molding) The total maintenance costs are allocated based on space occupied (square meter) while total personnel costs are allocated based on number of employees. The following additional information was provided for the current fiscal year: Maintenance Personnel Cutting Molding Direct labor 120,000 60,000 140,000 150,000 cost Square 900 800 2,100 1,900 footage Number 6 12 20 30 employeesIf Alaska uses the step method to allocate cosh, the total cost of the Cutting Department after allocation would be: a. P224,500 b. P2272000 c. P2141000 d. P245,500 '1". Refer to the data for Alaska Company. If direct method is used to allocate costs, the total cost ofthe Cutting Department aer allocation would be: a. P 224,500 b. P 222.000 c. P 243.000 d. P 245,500 0. Refer to the data for Alaska Company. If step method is used to allocate costs, the total maintenance cost to be allocated to Molding Department would be: a. P4?,500 b. P 52,000 c. P 58,065 d. P 72,000 0. A manufacturing company had actual manufacturing overhead costing of P 500,000 and predetermined overhead rate of P 3.00 per machine hour. Company worked 200,000 machine hours during the period. Total overhead of the company is: a. P 100,000 overapplied b. P 100.000 underapplied c. P 500.000 underapplied d. None ofthe above 10. During the year ended 2014, Woodwork: Company incurred actual overhead of P 200,000 and P l50,000 direct labor hours. Predetemtined overhead rate per direct labor hour was P600. How much is the total applied overhead for the year? a. P200000 h. P700000 c. P900000 d. None ofthe above 1 l. The cost accountant of the Akihahara Company made available the following records for the year ended December 3 l, 20| 5: Inventories January 1 December 3| Raw materials P 264,000 P 3 | 0,000 Wort: in process 2 | 9,000 228,000 Finished goods 121,000 143,000 Raw materials used for the year 122,000 Total manufacturing costs incurred for the year 002,000 {including direct materials, direct labor, and applied Overhead at the rate ohm-H: of direct labor} Subject: Cost Accounting and Control Module J: Accounting for Factory Overhead How much is the overhead applied? a. P 285,000 b. P 456,000 c. P 475,000 d. P 760,000 12. Aoyama Corporation is a local manufacturer that uses a job order costing. Manufacturing overhead is applied using a predetermined rate based on direct labor cost. The cost ledger shows the following information for the month ofAugust: Work in Process Inventory Balance, Ell 250,000 lGoods manufactured 296,000 Materials used 120.010 Direct labor |00,000 Applied DH 80,010 Aoyama had three outstanding jobs in ending work in process that are expected to be 12. Aoyama Corporation is a local manufacturer that uses a job order costing Manufacturing overhead is applied using a predetermined rate based on direct labor cost. The cost ledger shows the following information for the month of August: Work in Process Inventory Balance, 8/1 250,000 Goods manufactured 296,000 Materials used 120,000 Direct labor 100,000 Applied OH 80,000 Aoyama had three outstanding jobs in ending work in process that are expected to be delivered in the following month: . Job # 108 with direct materials of P 35,000 and direct labor of P 20,000 . Job # 109 with direct materials of P 45,000 and direct labor of P 25,000 . Job # 110 with applied overhead of P 28,000. The total overhead applied to Job 108 was: a. P 16,000 b. P 20,000 C. P 25,000 d. P 31,250 13. Refer to the data for Aoyama Corporation, the total overhead applied to Job # 109 was. a. P 16,000 b. P 20,000 c. P 25,000 d. P 31,2501. If EOQ = 240 units, order costs are P 4.00 per order, and carrying costs are P.50 per unit, what is the usage in units? a. P 1,920 b. P 3,600 c. P 3,840 d. P 7,200 2. Determine the reorder point from the given data: Average daily sales 20 units Lead time 14 days Safety stock 40 units a. 280 units b. 320 units C. 560 units 580 units 3. Victoria Corporation provided the following transactions from the materials ledger for the month of March: Opening balance: March 1 50 units at P 4.00 Received: March 5 100 units at P 5.00 March 12 200 units at P 4.50 Issued March 2 30 units March 18 150 units Using the moving average method (average perpetual), at what amount Victoria report as raw materials inventory as of March 31? pg. 17 De Guzman, C.L. Subject: Cost Accounting and Control Module 2: Accounting for Materials and Labor a. P 765 b. P 777 C. P 786 d. None of the above 4. Refer to the data for Victoria Corporation, Using the weighted average method (average - periodic), at what amount should Victoria report as raw materials inventory as of March 31? a. P 765 b. P 777 C. P 786 d. None of the above 5. Bloomberg Co. shows the following data in its books? Opening inventory 100 units @ P 8.00 per unit Purchases 100 units @ P 10.00 per unit Issuances 150 units If Bloomberg reported closing inventory value at P 400, which of the following method was used? a. FIFO b. LIFO Moving average . Weighted average 6. Compute labor turnover rate using replacement method: Employee resignations Employees recruited Average number of workers 20 a. 15% b. 25% 40% d. 65% 7. Canada Company provided the following information for the most recent fiscal year: Raw materials purchased P 90,000 Beginning raw materials inventory 150,000 Ending raw materials inventory 175,000 Factory overhead (including P 30,000 of indirect materials and P 80,000 of indirect labor 310,000 Total manufacturing cost 620,0007. Canada Company provided the following information for the most recent fiscal year: Raw materials purchased P 90,000 Beginning raw materials inventory 150,000 Ending raw materials inventory 175,000 Factory overhead (including P 30,000 of indirect materials and P 80,000 of indirect labor 310,000 Total manufacturing cost 620,000 How much is the direct labor cost? a. P 245,000 b. P 275,000 c. P 345,000 d. P 355,000 8. Alex, Ben and Carl are engaged in a group task for which payment of P 36,000 is agreed upon. Time wage rate are: Alex 600 per day Ben P 500 per day Carl P 400 per day Pg. 18 De Guzman, C.L. Subject: Cost Accounting and Control Module 2: Accounting for Materials and Labor Alex worked for 15 days, Ben for 22 days and Carl for 25 days. How much is the total payment to be distributed to Ben? a. P 12,000 b. P 13,200 c. P 10,800 d, P 11,000 9. Venice Inc. provided the following information for the year 2015: Materials cost (including P70,000 indirect materials) P 300,000 Labor cost (including P 50,000 indirect labor) 250,000 Factory overhead representing utilities 100,000 Selling, general, and administrative expenses 160,000 How much is the conversion cost? a. P 300,000 b. P 350,000 C. P 420,000 d. P 580,000 10. The time card of machine worker showed the he worked for a total of 40 hours for the week, including 3 hours of overtime and 2 hours of idle time due to excessive machine breakdown. The regular rate is P 50 per hour, while overtime rate is P 90 per hour. How much is the direct labor cost for the week? a. P 1,850 b. P 1,900 P 2,000 d P 2,120