Problem 1 Avery Co. uses a predetermined factory overhead rate based on direct labor hours. For the month of October, Avery's budgeted overhead was P300,000 based on a budgeted volume of 100, 000 direct labor hours. Actual overhead amounted to P325,000 with actual direct labor hours totalling P110, 000. How much was the over-applied or under-applied overhead? Problem 2 Summit Company provide the cost data for the month of January Inventories: January 1 January 31 Direct materials P30,000 P40,000 WIP P15,000 P20,000 Finished Goods P65,000 P50,000 Factory overhead applied P150,000 Cost of goods manufactured P515,000 Direct materials used P190,000 Actual FOH P144,000 How much is the Adjusted COGS if under or -applied overhead were allocated to inventories and COGS? Problem 2 Summit Company provide the cost data for the month of January Inventories: January 1 January 31 Direct materials P30,000 P40,000 WIP P15,000 P20,000 Finished Goods P65,000 P50,000 Factory overhead applied P150,000 Cost of goods manufactured P515,000 Direct materials used P190,000 Actual FOH P144, 000 How much is the Adjusted COGS if under or over-applied overhead were closed to COGS? Problem 3 Schneider, Inc. had the following information relating to 2011. Budgeted FOH P74, 800 Actual FOH P78, 300 Applied FOH P76,500 Estimated labor hours P44, 000 Required: if Schneider decides to use the actual results from 2011 to determine the 2012 overhead rate, what will the 2012 overhead rate be? Provide the exact amount computed