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Social ScienceThe 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: $
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: | |||
| $ |
Expert Answer
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations...
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