Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I just need the Income Statement, I think the rest is correct. Problem 24-02A Ayala Corporation accumulates the following data relative to jobs started and
I just need the Income Statement, I think the rest is correct.
Problem 24-02A 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 $2.00 11,000 $162,800 14,800 $203,200 Standard $1.90 10,600 $159,600 15,200 $205,200 41,500 $62,250 $3.00 $1.50 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 $450,000. Selling and administrative expenses were $35,000. 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, e.g. 52.75 and final answers to o decimal places, e.g. 52.) (1) Total materials variance 1860 Unfavorable $ Materials price variance 1100 Unfavorable $ Materials quantity variance 760 Unfavorable $ (2) Total labor variance 3200 Unfavorable $ Labor price variance 7400 Unfavorable $ Labor quantity variance 4200 Favorable SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Compute the total overhead variance. Total overhead variance 203200 Favorable AYALA CORPORATION Income Statement For the Month Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit (at Standard) Variances $ Materials Price Variance Unfavorable Materials Quantity Variance Unfavorable Labor Price Variance Unfavorable Labor Quantity Variance Favorable Overhead Variance Unfavorable Total Variance Unfavorable Gross Profit (Actual) Selling and Administrative Expenses $ Net Income / (Loss)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