P11-2B Huang Company uses a standard cost accounting system to account for the man- ufacture of exhaust fans. In July 2016, it accumulates the following data relative to 1,800 units started and linished. Compute variances, and prepare inconie statement. (LO 2, 3, 4), AP Cost and Production Data Actual Standard XLS Raw materials Units purchasced Units used 21,000 21,000 $3.70 22,000 $3.50 Unit cost Direct labor Hours worked Hourly rate Manuſacturing overhead Incurred 3,450 $11.50 3,600 $12.00 $94,800 Applied $100,800 Manufacturing overhead was applied on the basis of direct labor hours. Normal capacity for the month was 3,400 direct labor hours. At normal capacity, budgeted overhead costs were $16 per labor hour variable and $12 per labor hour fixed. Tolal budgeted fixed over- head costs were $40,800. Jobs finished during the month were sold for $270,000. Selling and administrative expenses were $20,000. Instructions (a) LQV $1,800 F (c) Prepare an income statement for management. (Ignore income taxes.)

P11-2B Huang Company uses a standard cost accounting system to account for the man- ufacture of exhaust fans. In July 2016, it accumulates the following data relative to 1,800 units started and linished. Compute variances, and prepare inconie statement. (LO 2, 3, 4), AP Cost and Production Data Actual Standard XLS Raw materials Units purchasced Units used 21,000 21,000 $3.70 22,000 $3.50 Unit cost Direct labor Hours worked Hourly rate Manuſacturing overhead Incurred 3,450 $11.50 3,600 $12.00 $94,800 Applied $100,800 Manufacturing overhead was applied on the basis of direct labor hours. Normal capacity for the month was 3,400 direct labor hours. At normal capacity, budgeted overhead costs were $16 per labor hour variable and $12 per labor hour fixed. Tolal budgeted fixed over- head costs were $40,800. Jobs finished during the month were sold for $270,000. Selling and administrative expenses were $20,000. Instructions (a) LQV $1,800 F (c) Prepare an income statement for management. (Ignore income taxes.)

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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