HUGO Corporation is a manufacturer that unes job-order costing. On January 1, the beginning of its fiscal year, the company's inventory balances were as follows Raw material P20,000 Work in process P15,000 Finished goods P30000 The company applies overhead cost to jobs on the basis of machine-bours worked. For the current year, the company estimated that it would work 75.000 machine hours and incur P450.000 in manufacturing overhead cost. The following transactions were recorded for the year 1. Raw materials purchased on account P410,000 2. Raw materials were requisitioned for use in production P300,000 (P360,000 direct materials and P20,000 indirect material 3. The following costs were accrued for employees services direct labor P75.000 indirect labor, P110.000 sales commissions P90,000 and administrative salaries, P200.000 4. Sales travel costs were P17/000 5. Liity costs in the factory were 43.000, 6. Advertising cost was P180,000 7. Deprec recorded for the year, P350,000 (80% relates to the factory operation, and 20% relates to seling and administrative activities Irance ewed during the year P10.000 (70% relates to fachary operations and the remaining 30% relates to selling and administrative activities reater than expected demand for its products the company worked 80.000 machine hours during the year y. Manufacturing overhead was applied to production Due 10. Goods costing P900,000 to manufacture according to their job cost sheets were completed daing the year 11. Goods were sold on account to customers during the year total of P1.500.000. The poods cost P970.000 to manufacture according to their job cost sheets Required 24. Calculate the overappled overhead. 25. Calculate the total amount of inventory end. 26. What is the Gross profit rate? 27. How much is the net operating income?