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Income statement indicating standard cost variances 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.

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 23, Problem 23.23EX
Textbook Problem

Income statement indicating standard cost variances

 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.

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Chapter 23 Solutions

Accounting
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