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How much overhead is over or underapplied for the year

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Question - Graham Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2013 for the company and for Job 62:

 

Company

Job 62

Direct materials

Php60,000

Php4,500

Direct labor

Php25,000

Php2,500

Manufacturing overhead costs

Php72,000

 

Machine hours

80,000

1,350

During 2013, the actual machine-hours totaled 84,000, and actual overhead costs were Php71,000.

Required -

(a) Compute the predetermined overhead rate.

(b) Compute the total manufacturing costs for Job 62.

(c) How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied.

(d) If Graham Manufacturing sells Job 62 for Php14,000, compute the gross profit.

Reference no: EM133060331

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