Woodman Company applies factory overhead on the basis of direct labor hours. Budget and actual data for direct labor and overhead for the year are as follows: Budget P600,000 720,000 Actual P550,000...

Extracted text: Woodman Company applies factory overhead on the basis of direct labor hours. Budget and actual data for direct labor and overhead for the year are as follows: Budget P600,000 720,000 Actual P550,000 680,000 Direct labor hours Factory overhead costs The factory overhead for Woodman for the year is Overapplied by P20,000 Overapplied by P40,000 Underapplied by P20,000 Underapplied by P40,000