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Just answer the questions for nos. 20-22 based on the picture.

Just answer the questions for nos. 20-22 based on the picture.

FINANCIAL ACCOUNTING
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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Just answer the questions for nos. 20-22 based on the picture.

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
Transcribed Image Text: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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