Question
A Corporation accumulates the following data relative to jobs started and finished during the month of June 2014. Costs and Production Data Actual Standard Raw
A 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 $2.40 $2.20 Raw materials units used 11000 10,100 Direct labor payroll $164,280 $159,600 Direct labor hours worked 14,800 15,200 Manufacturing overhead incurred $235,636 Manufacturing overhead applied $238,636 Machine hours expected to be used at normal capacity 41,500 Budgeted fixed overhead for June $70,550 Variable overhead rate per machine hour $3.20 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. 3.00 hours of machine time are required for each direct labor hour. The jobs were sold for $467,000. Selling and administrative expenses were $36,500. Assume that the amount of raw materials purchased equaled the amount used.
1- Compute the overhead controllable variance and the overhead volume variance.
what is the total material variance.
Material price variance.
Material quantity variance.
Total Labor variance.
labor price variance .
labor quantity variance.
2- what is the total overhead variance?
3- prepare income statement
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started