Question 11Blue Corporation accumulates the following data relative to jobs started and finished during the month of June 2017.Costs and Production Data Actual StandardRaw materials unit cost $2.40 $2.20Raw materials units used 11,000 10,100Direct labor payroll $177,600 $173,280Direct labor hours worked 14,800 15,200Manufacturing overhead incurred $235,636 Manufacturing overhead applied $238,336Machine hours expected to be used at normal capacity 41,500Budgeted fixed overhead for June $70,550Variable overhead rate per machine hour $3.20Fixed overhead rate per machine hour $1.70Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $467,000. Selling and administrative expenses were $36,500. Assume that the amount of raw materials purchased equaled the amount used.

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Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 6E: The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000...

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Question 11

Blue Corporation accumulates the following data relative to jobs started and finished during the month of June 2017.

Costs and Production Data	Actual	Standard
Raw materials unit cost	$2.40	$2.20
Raw materials units used	11,000	10,100
Direct labor payroll	$177,600	$173,280
Direct labor hours worked	14,800	15,200
Manufacturing overhead incurred	$235,636
Manufacturing overhead applied		$238,336
Machine hours expected to be used at normal capacity		41,500
Budgeted fixed overhead for June		$70,550
Variable overhead rate per machine hour		$3.20
Fixed overhead rate per machine hour		$1.70

Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $467,000. Selling and administrative expenses were $36,500. Assume that the amount of raw materials purchased equaled the amount used.

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