Dunso Company uses a standard cost accounting system.During January, the company reported the following manufacturing variances.Materials price variance$ 1,220ULabor quantity variance$ 840UMaterials quantity variance760FOverhead variance740ULabor price variance450UIn addition, 8,100 units of product were sold at $7 per unit. Each unit sold had a standard cost of $4. Selling and administrative expenses were $ 7,890 for the month.Prepare an income statement for management for the month ended January 31, 2017.

Name: Dunso Company uses a standard cost accounting system.During January,
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Description: Dunso Company uses a standard cost accounting system.During January, the company reported the following manufacturing variances.Materials price variance$ 1,220ULabor quantity variance$ 840UMaterials quantity variance760FOverhead variance740ULabor pr

Here gross profit should be adjusted with variances to get net profit (actual)

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Dunso Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $ 1,220 U Labor quantity variance $ 840 Materials quantity variance 760 F Overhead variance 740 Labor price variance 450 U In addition, 8,100 units of product were sold at $7 per unit. Each unit sold had a standard cost of $ 4. Selling and administrative expenses were $ 7,890 for the month. Prepare an income statement for management for the month ended January 31, 2017.

Dunso Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $ 1,220 U Labor quantity variance $ 840 Materials quantity variance 760 F Overhead variance 740 Labor price variance 450 U In addition, 8,100 units of product were sold at $7 per unit. Each unit sold had a standard cost of $ 4. Selling and administrative expenses were $ 7,890 for the month. Prepare an income statement for management for the month ended January 31, 2017.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 4CE: Kavallia Company set a standard cost for one item at 328,000; allowable deviation is 14,500. Actual...

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