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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