Culver Corporation accumulates the following data relative to jobs started and finished during the month of...
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Culver 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 $2.20 $2.10 Raw materials units used 11,300 10,900 Direct labor payroll $166,500 $159,600 Direct labor hours worked 15,000 15,200 Manufacturing overhead incurred Manufacturing overhead applied $210,420 $214,320 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. 3.00 hours of machine time are required for each direct labor hour. The jobs were sold for $473,000. Selling and administrative expenses were $44,400. 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 answers to 0 decimal places, e.g. 135.) (1) Total materials variance %24 Materials price variance $4 Materials quantity variance (2) Total labor variance Labor price variance Labor quantity variance Compute the total overhead variance. Total overhead variance Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 135.) CULVER CORPORATION Income Statement Show Work is REQUIRED for this question: Open Show Work Culver 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 $2.20 $2.10 Raw materials units used 11,300 10,900 Direct labor payroll $166,500 $159,600 Direct labor hours worked 15,000 15,200 Manufacturing overhead incurred Manufacturing overhead applied $210,420 $214,320 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. 3.00 hours of machine time are required for each direct labor hour. The jobs were sold for $473,000. Selling and administrative expenses were $44,400. 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 answers to 0 decimal places, e.g. 135.) (1) Total materials variance %24 Materials price variance $4 Materials quantity variance (2) Total labor variance Labor price variance Labor quantity variance Compute the total overhead variance. Total overhead variance Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 135.) CULVER CORPORATION Income Statement Show Work is REQUIRED for this question: Open Show Work
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
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