Question 31 1 pts MULTIPLE CHOICE PROBLEMS. (1 point for correct answer and 1 point for the solutions to be submitted in a separate answer sheet) The Work in Process inventory account of a manufacturing company shows a balance of P2,400 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of P400 and P200 for direct materials, and charges of P300 and P500 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of: O 80% O 125% Q 300% Q 240% Question 32 1 pts Job 607 was recently completed. The following data have been recorded on its job cost sheet: Direct Materials P3,405 Direct Labor-hours 54 labor-hours Direct labor wage rate P 13 per labour-hour Machine-hours 158 machine-hours The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is P14 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 607 would be: O P4,107 O P6,319 O P3,432 O P4,863Question 33 1 pts Able Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be P150,000 and direct labor-hours would be 10,000. The actual figures for the year were P186,000 for manufacturing overhead and 12,000 direct labor-hours. The cost records for the year will show: O overapplied overhead of P30,000 O underapplied overhead of P30,000 O underapplied overhead of P6,000 O overapplied overhead of P6,000Question 34 1 pts At the beginning of the year, manufacturing overhead for the year was estimated to be P702450. At the end of the year, actual direct labor-hours for the year were 33,100 hours, the actual manufacturing overhead for the year was P692450, and manufacturing overhead for the year was overapplied by P40,680. If the predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been: 0 31,500 direct labor-hours 0 29,452 direct labor-hours 0 31,276 direct labor-hours 0 33,100 direct labor-hours Question 35 1 pts The balance in Blue Company's Work in Process inventory account was P15,000 on August 1 and P18,000 on August 31. The company incurred P30,000 in direct labor cost during August and requisitioned P25,000 in raw materials (all direct material). If the sum of the debits to the Manufacturing Overhead account total P28,000 for the month, and if the sum of the credits totaled P30,000, then: 0 Finished Goods was debited for P82,000 during the month 0 Finished Goods was credited for P83,000 during the month 0 Manufacturing Overhead was underapplied by P2,000 at the end of the month 0 Finished Goods was debited for P85,000 during the month 13* Question 36 1 pts Mcmackin Corporation had P35,000 of raw materials on hand on August 1. During the month, the company purchased an additional P66,000 of raw materials. During August, P81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled P7,000. The debits to the Work in Process account as a consequence of the raw materials transactions in August total: 0 P66,000 0 P0 0 P74,000 O P81,000 3' Question 37 1 pts Gold Corporation, a manufacturing company, has provided data concerning its operations for March. The beginning balance in the raw materials account was P29,000 and the ending balance was P38,000. Raw materials purchases during the month totaled P74,000. Manufacturing overhead cost incurred during the month was P106,000, of which P7,000 consisted of raw materials classied as indirect materials. The direct materials cost for March was: O P83,000 Q P58,000 O P74,000 O P65,000 Question 38 1 pts Mondial Inc. has provided the following data for the month of January. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Wok in Finished Cost of Process Goods Goods Sold Total Direct materials 9 3,140 9 18,000 9 100,080 9 121,220 Direct labor 1,310 15,000 83,400 99,710 Manufacturing overhead applied 1,680 8,400 45,920 56,000 Total 9 6,130 9 41,400 9 229,400 9 276,930 Manufacturing overhead for the month was underapplied by P7,000. The company allocates any underapplied or overapplied overhead among work in process, nished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. The work in process inventory at the end of January after allocation of any underapplied or overapplied overhead for the month is closest to: O P5975 O P6340 O PS,920 o P6285 Question 39 1 pts The Kraig Corporation manufactures custom-made purses. The following data pertains to Job XY5: Direct materials placed into production P4,000 Direct labor hours worked 50 hours Direct labor rate per hour P15 Machine hours worked 100 hours Plantwide overhead is applied using a plant-wide rate based on direct labor hours. Plantwide overhead was budgeted at P60,000 for the year and the direct labor hours were estimated to be 15,000. Job XY5 consists of 50 units. What is overhead cost assigned to Job XY5? O P200 O P400 O P750 O P1,500i Question 40 1 pts On February 1, Job 12 had a beginning balance of P200. During February, direct materials of P500 and direct labor of P200 were added to the job. Overhead is applied to production at a rate of 55% of direct labor. There are 5 units in Job 12. What is the unit cost? Q P202 0 P1,010 0 P162 Q P810