Exercise 3 (Applying Overbead with Various Bases) Estimated cost and operating data for three companies for the upcoming year are given below: Company Direct labor-hours Machine-hours Raw materials cost Manufacturing overhead 60,000 25,000 30,000 90,000 P160,000 40,000 18,000 P240,000 P300,000 cost 432,000 270,000 384,000 Predetermined overhead rates are computed using the following bases in the three companies: Company Overhead Rate Based on Direct labor-hours Machine-hours Raw materials cost