martinez manufacturing corporation accumulates the following data relative 543258
2A Martinez Manufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2012.
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martinez manufacturing corporation accumulates the following data relative 543258
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Actual |
Standard |
|
Raw materials unit cost |
$2.25 |
$2.00 |
|
Raw materials units used |
10,600 |
10,000 |
|
Direct labour payroll |
$122,400 |
$120,000 |
|
Direct labour hours worked |
14,400 |
15,000 |
|
Manufacturing overhead incurred |
$184,500 |
|
|
Manufacturing overhead applied |
$189,000 |
|
|
Machine hours expected to be used at normal capacity |
42,500 |
|
|
Budgeted fixed overhead for June |
$51,000 |
|
|
Variable overhead rate per machine hour |
$3.00 |
|
|
Fixed overhead rate per machine hour |
$1.20 |
Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labour 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.
Instructions
(a) Compute all of the variances for (1) direct materials and (2) direct labour.
(b) Compute the total overhead variance.
(c) Prepare an income statement for management. Ignore income taxes.
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