Refer to the DaisyMate data set. Prepare a standard cost income statement for the company's management. Assume that sales were $480,000 and actual marketing and administrative expenses were $76,500.
In Daisy Mate Data set
Direct materials (resin) .......................................... 5 pounds per pot at a cost of $3.00 per pound
Direct labor ......................................................................... 2.0 hours at a cost of $18.00 per hour
Standard variable manufacturing overhead rate ................................ $10.00 per direct labor hour
Budgeted fixed manufacturing overhead ........................................................................... $8,800
Standard fixed MOH rate ....................................................... $2.50 per direct labor hour (DLH)
Direct materials ..................................... Purchased 10,800 pounds at a cost of $4.00 per pound;
Used 10,300 pounds to produce 2,000 pots
Direct labor............... Worked 2.1 hours per unit (4,200 total DLH) at a cost of $18.60 per hour
Actual variable manufacturing overhead............................. $10.50 per direct labor hour for
Total actual variable manufacturing overhead of $44,100
Actual fixed manufacturing overhead .............................................................................. $10,200
Standard fixed manufacturing overhead allocated based on actual production .............. $10,000