Question 2 1 pts The following data are obtained from Gianna Manufacturing Company: . Cost of goods manufactured is P187,500 Inventory variations are as follows: raw materials ending inventory is 1/3 based on raw materials beginning; no initial inventory of work in process, but at the end of period P 12,500 was on hand; finished goods inventory was four times as large at the end of the period as at the start. Net income after taxes amounted to P 26,000, the income tax rate is 35% Purchases of raw materials amounted to net income before taxes Breakdown of costs incurred in manufacturing cost was as follows: o Raw materials consumed - 50% - Direct labor - 30% Manufacturing overhead - 20% The total amount of direct labor was P100,000 P40,000 P90,000 .P60,000 D Question 3 1 pts Union Co. uses a standard costing system. The following factory overhead and production data are available for May: P1.00 Standard fixed overhead rate per direct labor hour Standard variable overhead rate per direct labor hour Budgeted monthly direct labor hours Actual direct labor hours worked 24.00 40,000 39,500 39,000 Standard direct labor hours allowed for actual production Overall overhead variance - favorable P2,000 What is the applied factory overhead for May? P195,000 P197,500 P197,000 P199,500