D. Avery Company uses a predetermined 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 totaling 110,000. Compute for the following: _17. Predetermined overhead rate 18. Factory overhead charged to Work in Process account 19. Under / (Over) applied factory overhead 20 - 22. Assume the following amounts of applied FOH in each account. Allocate the under/ over applied to these three accounts: Cost of Goods sold P200,000 Ending Finished Goods inventory Ending Work in Process inventory 100,000 30,000

D. Avery Company uses a predetermined 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 totaling 110,000. Compute for the following: _17. Predetermined overhead rate 18. Factory overhead charged to Work in Process account 19. Under / (Over) applied factory overhead 20 - 22. Assume the following amounts of applied FOH in each account. Allocate the under/ over applied to these three accounts: Cost of Goods sold P200,000 Ending Finished Goods inventory Ending Work in Process inventory 100,000 30,000

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Description: D. Avery Company uses a predetermined overhead rate based on direct labor hours. For themonth of October, Avery's budgeted overhead was P300,000 based on a budgetedvolume of 100,000 direct labor hours. Actual overhead amounted to P325,000 with actua

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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