Maurice Tutor

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Category > Accounting Posted 17 Aug 2017 My Price 15.00

Ayala Corporation

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   $2.20   $2.07
Raw materials units used   11,300   10,510
Direct labor payroll   $178,500   $173,128
Direct labor hours worked   15,000   15,200
Manufacturing overhead incurred   $217,594    
Manufacturing overhead applied       $221,464
Machine hours expected to be used at normal capacity       42,000
Budgeted fixed overhead for June       $67,200
Variable overhead rate per machine hour       $3.10
Fixed overhead rate per machine hour       $1.60

Overhead is applied on the basis of standard machine hours. 3.10 hours of machine time are required for each direct labor hour. The jobs were sold for $490,000. Selling and administrative expenses were $35,700. Assume that the amount of raw materials purchased equaled the amount used.
 

 

 

Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to 0 decimal places, e.g. 125.)
(1)   Total materials variance   $   FavorableUnfavorable
    Materials price variance   $   FavorableUnfavorable
    Materials quantity variance   $   FavorableUnfavorable
(2)   Total labor variance   $   FavorableUnfavorable
    Labor price variance   $   FavorableUnfavorable
    Labor quantity variance   $   FavorableUnfavorable


Compute the total overhead variance.
Total overhead variance   $   FavorableUnfavorable
 

LINK TO TEXT

 

 

Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 125. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

AYALA CORPORATION
Income Statement
For the Month Ended June 30, 2014

 

 

 


Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 06:08 PM My Price 15.00

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