edugen wil eyplus.com Unit 7: Chapter 23 Assignment ileyPLUS WileyPLUS Keansy.te

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edugen wil eyplus.com Unit 7: Chapter 23 Assignment ileyPLUS WileyPLUS Keansy.teno antiasncements Kimmel, Accounting, 6e CALCULATOR PRINTER VERSIONBACK NEXT ASSIGNMENT RESOURCES AC202 Chapter 23 Assignment Problem 23-2A (Part Level Submission) Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017 Costs and Production Data Actual Standard $2.10 10,300 $174,000 $168,720 15,200 Exercise 23-8 Exercise 23-15 $2.30 11,200 Raw materials unit cost Raw materials units used Direct labor payroll Direct labor hours worked 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 lem 23-2A Part Leve ubmission Problem 23-4A Part Level ubmission Problem 23-5A (Part Level Submission) 15,000 $202,100 $205,200 41,500 $62,250 $3.00 $1.50 se 23-17 Review Results by Study Objective 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 $459,000. Selling and administrative expenses were $38,700. Assume that the amount of raw materials purchased equaled the amount used Your answer is partially correct. Try again Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to 0 decimal places, e.g. 125. (1) Total materials variance Unfavorable

Explanation / Answer

Standard Qty Rate Amt Raw Material 10300 2.10 21630 Direct Labor 15200 11.10 168720 Actual Qty Rate Amt Raw Material 11200 2.30 25760 Direct Labor 15000 11.60 174000 (1) Total Material Variance: (Standard Cost-Actual Cost) (21630-25760) -4130 Unfavourable Material Price Variance: (Standard Rate-Actual Rate)*Actual Qty (2.10-2.30)*11200 -2240 Unfavourable Material Qty Variance: (Standard Qty-Actual Qty)*Standard Rate (10300-11200)*2.10 -1890 Unfavourable 2 Total Labor Variance: (Standard Cost-Actual Cost) (168720-174000) -5280 Unfavourable Material Price Variance: (Standard Rate-Actual Rate)*Actual Qty (11.10-11.60)*15000 -7500 Unfavourable Material Qty Variance: (Standard Qty-Actual Qty)*Standard Rate (15200-15000)*11.10 2220 Favourable

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