Problem 1 The Evergreen Company produces tools on a job order basis. During May, two jobs were completed, and the following costs were incurred: Job 401 Job 402 Direct Materials P28,000 P37.000 Direct Labor - Regular 18,000 23,000 Overtime premium 6.000 Other factory costs for the month totaled P16,800. Factory overhead costs are allocated one-third to Job 401 and two-thirds to Job 402. Required: a) Describe two alternative methods of recording the overtime premium and explain how the appropriate method affect the cost of each job. b) Compute the cost of Job 401 and Job 402 under each of the two methods