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Problem - At the end of 2019, Alonzo Company's manufacturing inventory and expense accounts held the following costs.
Work in Process Inventory
Finished Goods Inventory
Cost of Goods Sold
Direct Materials
P120,000
P190,000
P350,000
Direct Labor
P100,000
P250,000
P580,000
Factory Overhead
P60,000
P300,000
P480,000
Alonzo's accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero.
Required -
1. How many machine hours worked during 2019?
2. Was a factory overhead over or under applied for year? By how much?
3. Prorate the over or under applied overhead to the appropriate accounts.
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