Solution-Question - Standard Costs and Balanced Scorecard

Question - Standard Costs and Balanced Scorecard

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Reference no: EM132493441

Question - Standard Costs and Balanced Scorecard

Compute variances, and prepare income statement. Ayala Corporation accumulates the following data relative to jobs started and ?nished during the month of June 2017.

Costs and Production Data	Actual	Standard
Raw materials unit cost	$2.25	$2.10
Raw materials units used	10,600	10,000
Direct labor payroll	$120,960	$120,000
Direct labor hours worked	14,400	15,000
Manufacturing overhead incurred	$189,500
Manufacturing overhead applied		$193,500
Machine hours expected to be used at normal capacity		42,500
Budgeted ?xed overhead for June		$55,250
Variable overhead rate per machine hour		$3.00
Fixed overhead rate per machine hour		$1.30

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 $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 labor.

(b) Compute the total overhead variance.

Reference no: EM132493441

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Question - Standard Costs and Balanced Scorecard

Reference no: EM132493441

Reference no: EM132493441

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