CH 26 question 2

Swifty Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Actual Standard Raw materials unit cost $2.30 $2.15 Raw materials units 11,400 10,500 Direct labor payroll $157,940 $153,520 Direct labor hours 14,900 15,200 Manufacturing overhead incurred $223,276 Manufacturing overhead applied $226,176 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.10 Fixed overhead rate per machine hour $1.70 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 $455,000. Selling and administrative expenses were $38,000. Assume that the amount of raw materials purchased equaled the amount used. 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 0 decimal places, eg. 52.) SWIFTY CORPORATION Income Statement $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit