Exercise 5 (Manufacturing Overhead Budget) The direct labor budget of Kiko Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours. 1" quarter 2 quarter 3rd quarler 4h quarter Budgeted direct labor- hours 5,000 4,800 5,200 5,400 The company's variable manufacturing overhead rate is P1.75 per direct labor- hour and the company's fixed manufacturing overhead is P35,000 per quarter. The only noncash item included in the fixed manufacturing overhead is depreciation, which is P15,000 per quarter. Required: 1. Construct the company's manufacturing overhead budget for the upcoming fiscal year 2. Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year Round off to the nearest whole centavos Exercise 5 (Manufacturing Overhead Budget) The direct labor budget of Kiko Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours. 1" quarter 2 quarter 3rd quarler 4h quarter Budgeted direct labor- hours 5,000 4,800 5,200 5,400 The company's variable manufacturing overhead rate is P1.75 per direct labor- hour and the company's fixed manufacturing overhead is P35,000 per quarter. The only noncash item included in the fixed manufacturing overhead is depreciation, which is P15,000 per quarter. Required: 1. Construct the company's manufacturing overhead budget for the upcoming fiscal year 2. Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year Round off to the nearest whole centavos