Reference no: EM132637936

Questions -

Q1. Rio Manufacturing Company uses a job order cost system. At the beginning of February, Rio only had one job in process, Job #594. The direct costs assigned to this job at that time were P800 of materials and P650 of labor. Job #594 was finished during February incurring additional direct costs of P120 for materials and P370 for labor. Job #595 was started and finished during February. The direct costs assigned to this job were P310 for materials and P190 for labor. Job #596 was started during February but was not finished by the end of the month. The direct costs assigned to this job were P740 for materials and P300 for labor. Rio applies manufacturing overhead to its products at a rate of 200% of direct labor cost. What is Rio's cost of goods manufactured for February?

Q2. Braam Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 11,500 hours. At the end of the year, actual direct labor-hours for the year were 9,700 hours, the actual manufacturing overhead for the year was P143,350, and manufacturing overhead for the year was underapplied by P18,220. Find the estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been?