12. The following data were taken from the records of Griggs Company for December: Administrative expenses $100,800 Cost of goods sold (at standard) 550,000 Direct materials price variance-unfavorable 1,680 Direct materials quantity variance-favorable (560) Direct labor rate variance-favorable (1,120) Direct labor time variance-unfavorable 490 Variable factory overhead controllable variance-favorable (210) Fixed factory overhead volume variance-unfavorable 3,080 Interest expense 2,940 Sales 868,000 Selling expenses 125,000 Prepare an income statement for presentation to management. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries.

12. The following data were taken from the records of Griggs Company for December: Administrative expenses $100,800 Cost of goods sold (at standard) 550,000 Direct materials price variance-unfavorable 1,680 Direct materials quantity variance-favorable (560) Direct labor rate variance-favorable (1,120) Direct labor time variance-unfavorable 490 Variable factory overhead controllable variance-favorable (210) Fixed factory overhead volume variance-unfavorable 3,080 Interest expense 2,940 Sales 868,000 Selling expenses 125,000 Prepare an income statement for presentation to management. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries.

Name: 12. The following data were taken from the records of Griggs Company f
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Description: 12. The following data were taken from the records of Griggs Company for December:Administrative expenses$100,800Cost of goods sold (at standard)550,000Direct materials price variance-unfavorable1,680Direct materials quantity variance-favorable(560)D

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 11.6.3MBA

See similar textbooks

Administrative expenses	$100,800
Cost of goods sold (at standard)	550,000
Direct materials price variance-unfavorable	1,680
Direct materials quantity variance-favorable	(560)
Direct labor rate variance-favorable	(1,120)
Direct labor time variance-unfavorable	490
Variable factory overhead controllable variance-favorable	(210)
Fixed factory overhead volume variance-unfavorable	3,080
Interest expense	2,940
Sales	868,000
Selling expenses	125,000

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