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Question 1

Phuket Company has the following data:

Direct Material

BUDGETED P 450,000.00

ACTUAL P 482,000.00

Direct Labor Cost

BUDGETED P 740,000.00

ACTUAL P 750,000.00

Manufacturing Overhead

BUDGETED P 945,000.00

ACTUAL P 921,400.00

Direct Labor Hours

BUDGETED 25,000.00

ACTUAL 24,000.00

Machine Hours

BUDGETED 15,000.00

ACTUAL 23,000.00

Help me here:

1.Assume direct labor hours as allocation base for manufacturing overhead, determine the following:

(a) predetermined overhead rate =

(b) amount of (under)overapplied manufacturing overhead (include whether underapplied or overapplied) =

2.Assume direct material as allocation base for manufacturing overhead, determine the following:

(c) predetermined overhead rate =

(d) amount of overhead applied =

(e) effect to Cost of Goods Sold if (under)overapplied manufacturing overhead is closed directly to said account (indicate amount and whether increase or decrease) =

Question 2.

Billkin Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was P 299,130 and estimated direct labor hours of 16,900.00.

At the end of the year, manufacturing overhead for the year was underapplied by P 14,775.00 and the actual manufacturing overhead was

P 298,860.00.

Required:

Compute for the actual direct labor hours for the period. =

Question 4

Specific account balances for SolarLuna for the period ending December 31, 2018 are as follows:

Raw Material, Beginning

=P 420,000.00

Raw Material, Ending

=180,000.00

Work in Process, Beginning

=525,000.00

Work in Process, Ending

=467,000.00

Finished Goods, Beginning

=800,000.00

Finished Goods, Ending

=767,500.00

Raw materials purchase

=180,000.00

Direct labor cost

=153,000.00

Manufacturing overhead, budgeted

=400,000.00

Manufacturing overhead, actual Machine hours, budgeted (in machine hours)

=20,000.00

Machine hours, actual (in machine hours)

=14,500.00

Other details are as follows:

• Raw material purchases is 80% direct material, 20% indirect material
• Manufacturing overhead is allocated on the basis of machine hours.
• Other manufacturing overhead costs were as follows: indirect labor, P96,500; factory utility costs, P10,500; and depreciation of factory operations amounting to P140,000.
• Non-manufacturing costs were as follows: administrative salaries, P152,500; selling costs, P157,500; and depreciation related to sales and administrative offices worth P17,000.
• Sales for the year totaled P1,275,000.

Determine the following:

(a) Manufacturing overhead applied to production =

(b) Amount of underapplied or overapplied manufacturing overhead (include whether underapplied or overapplied). =