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JR Company uses the normal cost system. The company applies overhead using a predetermined overhead rate using machine hours. At the beginning of the
JR Company uses the normal cost system. The company applies overhead using a predetermined overhead rate using machine hours. At the beginning of the year, the company estimated that it would work 44,000 machine hours and incur P176,000 in factory overhead costs. Following are transactions for the month of February. Earnings Tax SSS PHIC Direct P220,000 24,000 13,480 5,000 Indirect 40,000 2,000 1,160 800 Selling 50,000 5,000 2,500 1,230 Admin 70,000 13,000 6,850 2,430
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