Toothpaste Philippines computed a predetermined overhead rate based on the following information: Monthly budgeted overhead = P1,200,000 + (160% of direct labor cost) Its monthly budgeted direct labor cost is P2,000,000 The cost data for the month of October 2021 follows: Work-in- Finished Total Jobs Sold Goods, End Materials 1,300,000.00 P1,020,000.00 P 160,000.00 P 120,000.00 Direct labor 2,020,000.00 P1,640,000.00 200,000.00 P 180,000.00 process, end Actual overhead for the month is P4,200,000. Compute for the overhead variance. (Note: Precede the amount with a negative sign(-) if the variance is underapplied

Toothpaste Philippines computed a predetermined overhead rate based on the following information: Monthly budgeted overhead = P1,200,000 + (160% of direct labor cost) Its monthly budgeted direct labor cost is P2,000,000 The cost data for the month of October 2021 follows: Work-in- Finished Total Jobs Sold Goods, End Materials 1,300,000.00 P1,020,000.00 P 160,000.00 P 120,000.00 Direct labor 2,020,000.00 P1,640,000.00 200,000.00 P 180,000.00 process, end Actual overhead for the month is P4,200,000. Compute for the overhead variance. (Note: Precede the amount with a negative sign(-) if the variance is underapplied

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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