The following manufacturing costs data are available for Division 911;Work in process, January 1, 2018:Job No.FactoryOuerheadTotalP145,000MaterialsLabor156P35,000PG0,000P44,000Costa for 2018Incurred by JobeTotalP16,000158.00042.00010.000MaterialsLaborOther156157158159P-P2,00052,00024,0008,000P14,000106,00018,0002.000Not Incurred by JobaIndirect materials andsagddnsEmployee beneitsDepreciationSupervision30,00030,000106,00046,00024.00040,000Indirect labor106,00046,00024,00040,000Factory overhead for 2018:Budgeted Manufacturing Overhead:Variable - Indirect materials and suppliesIndirect laborEmployee benefitsDepreciationSupervisionP 32,000112,00048,00024,00040,000FixedTotalP256,000Budgeted Direct Labor CostsP160,000Manufacturing Overhead rate per direct labor cost(P256,000/P160,000)160%Compute the actual manufacturing overhead.Compute the applied manufacturing overhead.Compute the net overhead variance (indicate over- or underapplied manufacturing overhead).

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Description: The following manufacturing costs data are available for Division 911;Work in process, January 1, 2018:Job No.FactoryOuerheadTotalP145,000MaterialsLabor156P35,000PG0,000P44,000Costa for 2018Incurred by JobeTotalP16,000158.00042.00010.000MaterialsLab

Solution:- Calculation of the actual manufacturing overheads.

Answered: Compute the actual manufacturing…

Business

Accounting

Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the net overhead variance (indicate over- or underapplied manufacturing overhead).

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...

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