Concord Corporation accumulates the following data relative to jobs started and finished during the month of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Concord 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 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 Standard $2.40 $2 11,000 10,300 $162,800 $159,600 14,800 15,200 $217,464 $214,320 41,500 $66,400 $3.10 $1.60 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 $478,000. Selling and administrative expenses were $37,900. Assume that the amount of raw materials purchased equaled the amount used. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance $ Materials price variance $ Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $ Compute the total overhead variance. Total overhead variance $ eTextbook and Media. List of Accounts Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) CONCORD CORPORATION Income Statement Concord 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 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 Standard $2.40 $2 11,000 10,300 $162,800 $159,600 14,800 15,200 $217,464 $214,320 41,500 $66,400 $3.10 $1.60 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 $478,000. Selling and administrative expenses were $37,900. Assume that the amount of raw materials purchased equaled the amount used. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance $ Materials price variance $ Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $ Compute the total overhead variance. Total overhead variance $ eTextbook and Media. List of Accounts Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) CONCORD CORPORATION Income Statement
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The Qantas Group includes a sustainability report in its annual report. What key performance indicators are included in this report? Explain the different stakeholders that would be interested in...
-
Use the following information to compute net income and comprehensive income. For simplicity, ignore income taxes. Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Homer Mueller has played in the minor leagues for 11 years. His home run totals, in order, for those years are 56, 62, 49, 65, 58, 52, 68, 72, 25, 51, and 64. a. Construct a box plot showing Homer's...
-
Do you believe that rules-based accounting leads to unethical managerial behavior? If so, why? Do you think that rules-based GAAP allows businesses to design their financial reporting so as to stay...
-
MidCoast Airlines uses the following performance measures. Classify each of the performance measures below into the most likely balanced scorecard perspective it relates to. Label your answers using...
-
Describe any exceptional knowledge management practices in ( Amazon.com ) which help build its competitiveness. in 500 word
-
A financial derivative on a share whose current price is 110 is issued by an investment bank. At expiry in 3 months' time, the derivative will pay f(S) where S is the price of the stock and f(S) =...
-
The compound cyclopentanone has the molecular formula C,H,O. The C-NMR spectrum has three distinct peaks, at 220.16, 38.31, and 23.31 ppm. The IR spectrum is available on the National Institute of...
-
A mechanical system consists of a mass M, a damper B, two springs and an ideal gearbox (i.e. negligible inertia and friction) as shown in Figure 1. An external force f(t) is exerted on the mass. For...
-
a) Let R be the relation on the set A = {1, 2, 3, 4} defined by aRb if and only if 2a > b + 1. Find the matrix representing R R. b) Suppose that the relation R is defined on the set Z where aRb means...
-
Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the...
-
Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information...
-
You want to design a small remotely operated power tool and expects it to require 100 W and weigh not more than 1 kg. You plan to use it continuously for 1 hour. You have to decide whether to use a...
-
The following data are supplied for the common stocks of Nikola Corporation, Tesla, Inc. and General Motors: Nikola Corp (NKLA) Tesla Inc. (TSLA) Close Price ($) Close Price ($) 67.53 30.00 40.81...
-
Oligopolies exist when only a(n) _________ firms control all or most of the production and sale of a product.
-
What is a Nash equilibrium?
-
How does a tit-for-tat strategy work?
Study smarter with the SolutionInn App