Reference no: EM132649761
On April 1, Peter Senen Company had the following balances in the inventory accounts:
Materials Inventory P12,450
Work in process Inventory 22,605
Finished Goods Inventory 4,600
Work in process inventory is made up of three jobs with the following costs:
Job 114 Job 115 Job 116
Direct Materials P3,650 P1,900 P3,650
Direct labor 1,800 1,560 4.300
Applied overhead 1,350 1,170 3,225
During April, Peter Senen experienced the transactions listed below:
- Materials purchased on account, P26,000
- Materials requisitioned: Job 114, P16,500; Job 115, P12,200 and Job 116, P5,000
- Direct labor hours worked: Job 114, 350 hours at P12 per hour; Job 115, 280 hours at P15 per hour and Job 116, 150 hours at P20 per hour.
- Overhead is applied on the basis of direct labor cost
- Actual overhead was P8,718
- Job 115 was completed and transferred to the finished goods warehouse.
- Job 115 was shipped, and the customer was billed for 120% of the cost
Problem 1: What is the predetermined overhead rate based on direct labor cost?
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