P11.2 (LO 2, 3, 4), AP Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Actual $2.25 10,600 $120,960 14,400 $189,500 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 Standard $2.10 10,000 $120,000 15,000 $193,500 42,500 $55,250 $3.00 $1.30 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 $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. Instructions $200 a. Compute all of the variances for (1) direct materials and (2) direct labor. LQV $4,800 F b. Compute the total overhead variance. c. Prepare an income statement for management. (Ignore income taxes.)

P11.2 (LO 2, 3, 4), AP Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Actual $2.25 10,600 $120,960 14,400 $189,500 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 Standard $2.10 10,000 $120,000 15,000 $193,500 42,500 $55,250 $3.00 $1.30 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 $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. Instructions $200 a. Compute all of the variances for (1) direct materials and (2) direct labor. LQV $4,800 F b. Compute the total overhead variance. c. Prepare an income statement for management. (Ignore income taxes.)

Name: P11.2 (LO 2, 3, 4), AP Ayala Corporation accumulates the following da
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Description: P11.2 (LO 2, 3, 4), AP Ayala Corporation accumulates the following data relative to jobs startedand finished during the month of June 2022.Costs and Production DataInstructionsRaw materials unit costRaw materials unitsDirect labor payrollDirect labo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the following: 1. Estimated fixed manufacturing overhead for the coming period of $220,000 2. Estimated variable manufacturing overhead of $2.00 per direct labor hour 3. Actual manufacturing overhead for the period of $320,000 4. Actual direct labor-hours worked of 54,000 hours 5. Estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: Note: Round your intermediate value of "Predetermined overhead rate" to two decimal places. Multiple Choice $325,926. $324,000. $336,004.
Owe Subject: acounting
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