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Ex. 6-1. Determining manufacturing overhead rate Silver Manufacturing Company uses two rates to apply overhead to jobs. One rate is based on material cost, the other on machine time. The following data is related to the current year. Cost information Materials related overhead Budget Machine related overhead P1,280000 2,200,000 Cost of materials used on jobs Machine hours 3,200,000 400,000 Data related to three jobs worked on in July follow: Cost elements Job 01 Job 02 Job 03 Materials P42,000 P164,000 P78,000 Direct labor costs 32,000 26,000 36,000 Machine hours 17,000 9,000 5,800 Units produced 5,000 7,000 10,000 Actual material-related overhead was P118,400 and actual machine related overhead was P185,600. REQUIRED: Determine the following: 1) Predetermined overhead rate 2) Amount of overhead applied to each job 21530 3) Manufacturing costs per job 4) Overhead variance