Ayala Corporation accumulates the following data relative to jobs started and finished during the month of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual Standard $2.00 $1.85 11,500 10,900 $163,900 $159,600 14,900 15,200 $223,976 $226,176 42,500 $72,250 $3.10 $1.70 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 $456,000. Selling and administrative expenses were $36,500. 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 per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) Question 1 of 1 < > -/1 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 $456,000. Selling and administrative expenses were $36,500. 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 per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) (1) Total materials variance $ Materials price variance $ Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $ eTextbook and Media Compute the total overhead variance. Total overhead variance $ Favorable Unfavorable Neither favorable nor unfavorable Labor quantity variance eTextbook and Media Compute the total overhead variance. Total overhead variance $ eTextbook and Media A Favorable Unfavorable Neither favorable nor unfavorable Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) AYALA CORPORATION Income Statement $ Question 1 of 1 < < -/1 E Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) eTextbook and Media $ AYALA CORPORATION Income Statement June 30, 2020 For the Year Ended June 30, 2020 For the Month Ended June 30, 2020 Question 1 of 1 -/1 E Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) Sales Revenue Selling and Administrative Expenses Gross Profit (actual) Variances Cost of Goods Sold (actual) Gross Profit (at standard) Labor Price Materials Quantity Net Income/(Loss) Materials Price Overhead Total Variance Labor Quantity Cost of Goods Sold (at standard) eTextbook and Media AYALA CORPORATION Income Statement Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual Standard $2.00 $1.85 11,500 10,900 $163,900 $159,600 14,900 15,200 $223,976 $226,176 42,500 $72,250 $3.10 $1.70 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 $456,000. Selling and administrative expenses were $36,500. 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 per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) Question 1 of 1 < > -/1 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 $456,000. Selling and administrative expenses were $36,500. 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 per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) (1) Total materials variance $ Materials price variance $ Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $ eTextbook and Media Compute the total overhead variance. Total overhead variance $ Favorable Unfavorable Neither favorable nor unfavorable Labor quantity variance eTextbook and Media Compute the total overhead variance. Total overhead variance $ eTextbook and Media A Favorable Unfavorable Neither favorable nor unfavorable Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) AYALA CORPORATION Income Statement $ Question 1 of 1 < < -/1 E Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) eTextbook and Media $ AYALA CORPORATION Income Statement June 30, 2020 For the Year Ended June 30, 2020 For the Month Ended June 30, 2020 Question 1 of 1 -/1 E Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) Sales Revenue Selling and Administrative Expenses Gross Profit (actual) Variances Cost of Goods Sold (actual) Gross Profit (at standard) Labor Price Materials Quantity Net Income/(Loss) Materials Price Overhead Total Variance Labor Quantity Cost of Goods Sold (at standard) eTextbook and Media AYALA CORPORATION Income Statement
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
TCP: the client sends only 1 message to the server hello from TCP Client and the server responds with the uppercase message. Update the program / make a simple chat program so that The client can...
-
How would you perform reverse recoding using statistical software like SAS or SPSS?
-
The preparation of homeopathic remedies involves the repeated dilution of solutions containing an active ingredient such as arsenic trioxide (As2O3). Suppose one begins with 18.0 g of arsenic...
-
A comparative balance sheet for Cirrus Corporation is provided in the Working Papers. The income statement for the current year indicates that net income was \($20,900.00\) and the depreciation...
-
Manufacturing cost data for Pena Company, which uses a job order cost system, are presented below. InstructionsIndicate the missing amount for each letter. Assume that in all cases manufacturing...
-
Consider a stock with the following characteristics: The standard deviation of its annual returns: 5 2 . 9 % . The correlation between the returns of the stock and the market: 0 . 5 4 If the risk -...
-
5. The Olsen Agricultural Company has determined that the weight of hay bales is normally distributed with a mean equal to 80 pounds and a standard deviation equal to 8 pounds. Based on this, what is...
-
A collar established: Purchasing 100 shares of stock currently selling at $ 48 per share Purchasing one put option with exercise price $ 45 for $2 Writing a call with exercise price $ 50 for $3 What...
-
A rollercoaster has a first hill that is 1 6 0 . 0 m high. The roller coaster cart is going 2 5 . 0 m / s at the top of the second hill. No , you are not provided with the mass of the roller coaster...
-
A 1835 kg test plane has an engine that can deliver a maximum power of 4.94x105 watts. The pilot hits the throttle when the plane is flying at 49.0 m/s and maintains maximum power for 3.0 seconds....
-
If private sector firms provide public services, funded by public money, what effect does this have on the public sector borrowing requirement and the level of efficiency in the macro economy
-
1. What do you think about the process Ravi's dad describes? Explain 2. What do you think about what makes a good mate? (Based on the discussion Ravi has with the groom when he asks the groom, "how...
-
X & Y entered a Joint Venture for export of Indian Handicraft items to overseas customers. X sends goods worth Rs. 2,00 000 to Y for export to USA. Y exported goods worth Rs. 1,75,000 to USA for Rs....
-
Currently, there are five concepts of food stands, including: hot dogs, soft pretzels, turkey legs, sandwich wraps, and funnel cakes. This approach will double the existing number of food stands...
-
Why do auditors prepare analytic flowcharts of processing systems?
-
A logical data flow diagram can be used to document what aspect of a system?
-
Relate the concept of work measurement to the system implementation process.
Study smarter with the SolutionInn App