Reference no: EM132720074
Problem 1 - Avery Co. uses a predetermined factory overhead rate based on direct labor hours. For the month of October, Avery's budgeted overhead was P300,000 based on a budgeted volume of 100, 000 direct labor hours. Actual overhead amounted to P325, 000 with actual direct labor hours totalling P1 10,000. How much was the over-applied or under-applied overhead?
Problem 2 - Summit Company provide the cost data for the month of January
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Inventories:
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January 1
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January 31
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Direct materials
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P30,000
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P40,000
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WIP
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P15,000
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P20,000
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Finished Goods
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P65,000
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P50,000
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Factory overhead applied
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P150,000
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Cost of goods manufactured
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P515,000
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Direct materials used
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P190,000
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Actual FOH
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P144,000
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Required -
1. Adjusted COGS if under or over-applied overhead were closed to COGS.
2. Adjusted COGS if under or -applied overhead were allocated to inventories and COGS.
Problem 3 - Schneider, Inc. had the following information relating to 2011.
Budgeted FOH P74,800
Actual FOH P78,300
Applied FOH P76,500
Estimated labor hours P44,000
Required - If Schneider decides to use the actual results from 2011 to determine the 2012 overhead rate, what will the 2012 overhead rate be?
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