Question
Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017. Costs of production data Actual Standard Raw
Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017.
Costs of production data Actual Standard
Raw materials unit cost $2.40 $2.25
Raw materials units used 11,100 10,400
Direct labor payrol $177,000 $171,360
Direct labor hours worked 15,000 15,300
Manufacturing overhead incurred $204,550
Manufacturing overhead applied $206,550
Machine hours expected to be used at normal capacity 41,500
Budgeted fixed overhead for June $62,250
Variable overhead rate per machine hour $3.00
Fixed overhead rate per machine hour $1.50
Overhead is applied on the basis of standard machine hours.3.00hours of machine time are required for each direct labor hour. The jobs were sold for $498,000. Selling and administrative expenses were $37,900. Assume that the amount of raw materials purchased equaled the amount used.
Please help me with creating an income statement for management (ignore income taxes)
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