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Overhead is applied on the basis of standard machine hours. Three hours of machine time...

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Question

Accounting

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.
(c) Prepare an income statement for management. (Ignore income taxes)
NOTE: Enter a number in celis requesting a value; enter either a number or a formula in cells with a "?".
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