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Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and firm answers to O decimal places, e.g. 52.) ORIOLE CORPORATION Income Statement Oriole 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 $2.10 $1.90 11,300 10,700 $175,500 $171,360 15,000 15,300 $212.930 $215,730 43,500 $73.950 $3.00 $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 $453,000. Selling and administrative expenses were $39,300. 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, eg. 52.75 and firm answers to O decimal places, e.g. 52.) ORIOLE CORPORATION Income Statement Oriole 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 $2.10 $1.90 11,300 10,700 $175,500 $171,360 15,000 15,300 $212.930 $215,730 43,500 $73.950 $3.00 $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 $453,000. Selling and administrative expenses were $39,300. Assume that the amount of raw materials purchased equaled the amount used.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...
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Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and firm answers to O decimal places, e.g. 52.) ORIOLE CORPORATION Income Statement
Transcribed Image Text:Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, eg. 52.75 and firm answers to O decimal places, e.g. 52.) ORIOLE CORPORATION Income Statement
Oriole 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 $2.10 $1.90 11,300 10,700 $175,500 $171,360 15,000 15,300 $212.930 $215,730 43,500 $73.950 $3.00 $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 $453,000. Selling and administrative expenses were $39,300. Assume that the amount of raw materials purchased equaled the amount used.
Transcribed Image Text:Oriole 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 $2.10 $1.90 11,300 10,700 $175,500 $171,360 15,000 15,300 $212.930 $215,730 43,500 $73.950 $3.00 $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 $453,000. Selling and administrative expenses were $39,300. Assume that the amount of raw materials purchased equaled the amount used.
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