Business, 05.06.2020 04:57 janelisse199820
Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014.
Costs and Production Data
Actual
Standard
Raw materials unit cost$2.25$2.10
Raw materials units used10,60010,000
Direct labor payroll$120,960$120,000
Direct labor hours worked14,40015,000
Manufacturing overhead incurred$189,500
Manufacturing overhead applied $193,500
Machine hours expected to be used at normal capacity 42,500
Budgeted fixed overhead for June $55,250
Variable overhead rate per machine hour $3.00
Fixed overhead rate per machine hour $1.30
Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used.
Instructions
(a)
Compute all of the variances for (1) direct materials and (2) direct labor.
LQV $4,800 F
(b)
Compute the total overhead variance.
(c) Prepare an income statement for management. (Ignore income taxes.)
Answers: 1
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