Please answer only No. 2 question. I only included No. 1 because these problems are interconnected. I already posted a different question for the No. 1. 1. Uno company prepared the following 2010 abbreviated fl exible budget for different levels of machinehours:Variable manufacturing overheadFixed manufacturing overhead40,000P 80,000325,00044,000P 88,000325,00048,000P 96,000325,00052,000P104,000325,000Each product requires 4 hours of machine time, and the company expects to produce 10,000 units in 20X0.Production is expected to be evenly distributed throughout the year.REQUIRED:a. Calculate separate predetermined variable and fixed OH rates using as the basis of application(1) units of production and (2) machine hours.b. Calculate the combined predetermined OH rate using (1) units of product and (2) machine hours.c. Assume that all actual overhead costs are equal to expected overhead costs in 20X0, but that UnoCompany produced 11,000 units of product. If the separate rates based on units of product calculated in part(a) were used to apply overhead, what amounts of underapplied or overapplied variable and fixed overheadexist at year-end 20X0? 2. Use the information in number 1 and assume that Uno Company has decided to use units of productionto apply overhead to production. In April 20XO, the company produced 875 units and incurred P7,500 andP26,500 of variable and fi xed overhead, respectively.a. What amount of variable manufacturing overhead should be applied to production in April 20X0?b. What amount of fixed manufacturing overhead should be applied to production in April 20X0?c. Calculate the under- or overapplied variable and fixed overhead for April 20XO.

Fixed overhead costs Fixed overhead costs refer to the costs that do not change even if the…

2. Use the information in number 1 and assume that Uno Company has decided to use units of production to apply overhead to production. In April 20X0, the company produced 875 units and incurred P7,500 and P26,500 of variable and fi xed overhead, respectively. a. What amount of variable manufacturing overhead should be applied to production in April 20X0? b. What amount of fixed manufacturing overhead should be applied to production in April 20X0? c. Calculate the under- or overapplied variable and fixed overhead for April 20XO.

2. Use the information in number 1 and assume that Uno Company has decided to use units of production to apply overhead to production. In April 20X0, the company produced 875 units and incurred P7,500 and P26,500 of variable and fi xed overhead, respectively. a. What amount of variable manufacturing overhead should be applied to production in April 20X0? b. What amount of fixed manufacturing overhead should be applied to production in April 20X0? c. Calculate the under- or overapplied variable and fixed overhead for April 20XO.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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