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1. Grace Company manufactures picture frames of all sizes and shapes and uses a job-order costing system. There is always some spoilage in each production run. The following costs relate to the current run:
Estimated overhead (exclusive of spoilage) Php160,000
Spoilage (estimated) Php 25,000
Sales value of spoiled frames Php 11,500
Labor hours 100,000
The actual cost of a spoiled picture frame is Php7.00. During the year 170 frames are considered spoiled. Each spoiled frame can be sold for Php4. The spoilage is considered a part of all jobs.
Problem a Labor hours are used to determine the predetermined overhead rate. What is the predetermined overhead rate per direct labor hour?
Problem b. Prepare the journal entry needed to record the spoilage.
Problem c. Prepare the journal entry if the spoilage relates only to Job #12 rather than being a part of all production runs.
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