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Kevin Corporation developed the following budgeted costs for the year:
Direct materials P 120,000
Direct labor 330,000
Factory overhead 429,000
Total P 879,000
The following activity bases were also budgeted for the year:
Labor hours 9,600
Machine hours 6,000
Units to be produced 12,000
Based on the current backlog, Kevin expects to produce 3,500 units during the first quarter that requires 2,600 labor hours and 1,700 machine hours. For this production, Kevin incurred direct materials of P 38,000 and direct labor of P 94,000.
Required:
Problem 1: Calculate the predetermined overhead rate
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