Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
Question:
In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,000 for the month.
Instructions
Prepare an income statement for management for the month ended January 31,2014.
Transcribed Image Text:
Materials price variance Materials quantity variance Labor price variance $1,200 U 800 F 550 U Labor quantity variance Overhead variance $750 U 800 U
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Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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