Question 25 1 pts Red Market Company uses job-order costing. Factory overhead is applied to production at a budgeted cost of 150% of direct labor costs. Any overapplied or underapplied factory overhead is closed to the cost of goods sold account at the end of each month. Job 101 was the only job in process at January 31 with accumulated costs as follows" Direct materials Direct labor Php4,000 2,000 Factory overhead - applied 3,000 Php9,000 Total Jobs 102, 103, and 104 were started during February. Direct materials requisitions for February totaled Php26,000. Direct labor costs of Php20,000 were incurred for February. Actual FOH was Php32,000 for February. The only job still in process at February 28 was Job 104 with costs of Php2,800 for DM and Php1,800 for DL. The cost of goods manufactured for February was: O 78,000 Question 28 The work in process account of Clo-Min Company showed: Materials Direct labor Work in Process P22,000 Finished goods P68,000 37,000 1 pts Factory overhead 55,500 | Materials charged to the one job still in process amounted to P5,000. Factory overhead is applied as a predetermined percentage of direct labor cost. The amount of factory overhead in finished goods. C D Question 32 On December 31, 2009, the balance sheet of Eirian Manufacturing Company showed the following: Finished goods P 500,000 Work in process 400,000 1 pts Materials 1,000,000 During 2010, the prime cost amounted to P6,840,000 and conversion costs amounted to P3,960,000. The average direct labor rate was P25/hr. and manufacturing overhead was applied to production at 80% of direct labor cost. Purchases of materials were P5M and the cost of goods manufactured was P8.7M. Sales amounting to P12M were uniformly billed at 30% gross profit rate. The cost of materials issued to production is P5,640,000 OP6.840,000 OP4,640,000 OP6,840,000 None of the choices C 0