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Problem 1: The inventory account of Vanda Manufacturing Co. includes raw materials and work in process and is on a perpetual inventory basis using the FIFO costing method. There is no finished goods inventory. The opening inventory of P30,500 includes obsolete materials recorded at P250. The following are debits to certain accounts in March, 20C: Purchases - P49,400, Direct labor - P24,100, Factory overhead control - P50,400, Cost of goods sold - P137,200. Factory overhead rate is 200% of direct labor cost. The given cost of goods sold includes direct labor cost of P13,800. The obsolete materials (in the beginning inventory) of P250 was charged to cost of goods sold upon removal thereof from the inventory account. Factory overhead has been charged for an excessive scrap loss of P1,600 identified with a special order (that was started on and completed during the month). Normal scrap loss on regular product lines is considered negligible. Based on the information given, how much must be the overabsorbed (underabsorbed) factory overhead as of March 31?
Option 1: P600
Option 2: P (600)
Option 3: P(2,200)
Option 4: Answer not given.
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