Use the above information to prepare a standard cost income statement for Whitmer, as a guide….


Question Description:

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Standard cost income statement Consider the following information: Cost of goods sold $367,000 Direct labor efficiency variance $18,000 F Sales revenue $550,000 Variable overhead efficiency variance $ 3,400 U Direct materials price variance $ 8,000 U Fixed overhead volume variance $12,000 F Direct materials efficiency variance $ 2,800 U Marketing and administrative costs $77,000 Direct labor price variance $ 42,000 U Variable overhead spending variance $ 700 F Fixed overhead spending variance $ 1,900 F Requirement 1. Use the above information to prepare a standard cost income statement for Whitmer, as a guide. Remember that unfavorable variances increase cost of goods sold.

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