Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014. Costs and Production Data Raw materials unit cost Raw materials units used Direct labor payroll Direct labor hours worked 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 $2.25 10,600 $120,960 14,400 $189,500 Standard $2.10 10,000 $120,000 15,000 $189,000 42,500 $55,250 $3.00 $1.30 Overhead is applied on the basis of standard machine hours 3 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. (c)Prepare an income statement for management. (Ignore income taxes).

Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014. Costs and Production Data Raw materials unit cost Raw materials units used Direct labor payroll Direct labor hours worked 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 $2.25 10,600 $120,960 14,400 $189,500 Standard $2.10 10,000 $120,000 15,000 $189,000 42,500 $55,250 $3.00 $1.30 Overhead is applied on the basis of standard machine hours 3 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. (c)Prepare an income statement for management. (Ignore income taxes).

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Description: Please do not give solution in image format thanku Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014.Costs and Production DataRaw materials unit costRaw materials units usedDirect lab

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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