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—unfavorable1,680 Direct materials quantity variance—favorable(560)Direct labor rate variance—favorable(1,120)Direct labor time variance—unfavorable490 Variable factory overhead controllable variance—favorable(210)Fixed factory overhead volume variance—unfavorable3,080 Interest expense2,940 Sales868,000 Selling expenses125,000  Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank.Griggs CompanyIncome StatementFor the Month Ended December 31   $       $ UnfavorableFavorable Variances from standard cost:    $$                            $Operating expenses:    $      Total operating expenses      $Other expense:          $

Question
Asked Nov 18, 2019
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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 a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank.

Griggs Company
Income Statement
For the Month Ended December 31
      $
       
      $
  Unfavorable Favorable  
Variances from standard cost:      
  $ $  
       
       
       
       
       
       
      $
Operating expenses:      
  $    
       
Total operating expenses      
      $
Other expense:      
       
      $
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Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations...

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