Answer Happy

Sheridan Corporation accumulates the following data
relative to jobs started and finished during the month of June
2022.
Costs and Production Data
Actual
Standard
Raw materials unit cost
Raw materials units
Direct labor payroll
Direct labor hours
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
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 $500,000. Selling and administrative expenses
were $41,400. Assume that the amount of raw materials purchased
equaled the amount used.
(a)
Compute all of the variances for (1) direct materials and (2)
direct labor. (Round per unit values to 2 decimal
places, e.g. 52.75 and final answers to 0 decimal places, e.g.
52.)
(1)
Total materials variance
Materials price variance
Materials quantity variance
(2)
Total labor variance
Labor price variance
Labor quantity variance
Compute the total overhead variance.
(c) Prepare an income statement for management. (Ignore income
taxes.)