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Question - Generic Corporation uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at P80,000 and 16,000 hours respectively, for the year. In June, Job #100 was completed. Materials costs on the job totalled P1,500 and labor costs totaled P2,400 at P6 per hour. At the end of the year, it was determined that the company worked 15,000 direct labor-hours for the year, and incurred P78,000 in actual manufacturing overhead costs.
Required -
a. Determine the predetermined overhead rate for the year.
b. Determine the amount of overhead charged to jobs during the year.
c. Determine the amount of underapplied or overapplied overhead for the year.
d. Assuming that 100 units were completed, determine the unit cost that would appear on the job cost sheet for Job # 100.
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