Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
Question:
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
Income Statement for the month ended January 31 2014 Revenue 8000 units x 8 per unit 64000 Cost of ...View the full answer
Answered By
Teresa ochieng
I have had several years of experience working as a tutor, both in person and online. I have worked with students of all ages and abilities, and have consistently received positive feedback from students and their parents.
As a tutor, I have honed my skills in breaking down complex concepts and explaining them in a way that is easily understood by my students. I am patient and understanding, and I am always willing to go the extra mile to help my students succeed.
I have a strong track record of helping my students improve their grades and test scores, and I have a passion for helping students reach their full potential. I have experience tutoring a wide range of subjects, including math, science, English, and history, and I am comfortable working with students at all levels.
Overall, I believe that my hands-on experience and proficiency as a tutor make me an excellent candidate for the SolutionInn Online Tutoring Platform. I am confident that I can provide valuable support and guidance to students who are looking to improve their academic performance.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Business questions
-
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In addition, 8,000 units of product were sold at $8 per unit. Each...
-
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In addition, 8,000 units of product were sold at $8 per unit. Each...
-
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In addition, 8,000 units of product were sold at $8 per unit. Each...
-
3. Questions A venture capitalist (VC) is willing to invest 100m for 20% ownership of a start-up that is looking to achieve scale. All existing shares are common shares, and this deal would result in...
-
An agricultural experiment station is investigating the appropriate planting density for three commercial varieties of tomatoes: celebrity, sunbeam, and trust. The researcher decides to examine the...
-
The following are independent situations that require professional judgment for determining when to recognize revenue from the transactions. 1. Costco sells you a one-year membership with a single,...
-
Explain why shareholders equity is increased by revenues and decreased by expenses.
-
1. What evidence of questionnaires have you found at MRE? Be specific about what you have found and where. 2. Critique the questionnaire that Snowden circulated. What can be done to improve its...
-
Required information [ The following information applies to the questions displayed below. ] Lightening Bulk Company is a moving company specializing in transporting large items worldwide. The firm...
-
You are hired to develop an automatic patient monitoring system for a home-bound patient. The system is required to read out the patients heart rate and blood pressure and compare them against...
-
Some overhead data for Roby Company are given in BE25-6. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed....
-
Data for Nona Inc. are given in E25-7. Instructions Journalize the entries to record the materials and labor variances. Data From E 25-7: Nona Inc., which produces a single product, has prepared the...
-
For a single cylinder engine determine the bearing forces caused by the gyroscopic action of the flywheel \(\left(I=0.32 \mathrm{~kg} \cdot \mathrm{m}^{2} ight)\) as the engine traverses a \(305...
-
what ways do servant leadership principles enhance employee engagement, organizational commitment, and long-term sustainability within multinational corporations operating in culturally diverse...
-
Vilas Company is considering a capital investment of $182,400 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value. Depreciation...
-
Afcon Ltd uses a direct material (Product code: RM 005) in the production of their finished product. The following transactions took place during the month of February 2020: 01/02/2020 Balance of 50...
-
In the IPO, the firm AAA issued 3, 000,000 news shares. The initial price was $18.00 per share and investment banking fees are $1.26 per share. The final first-day closing price was $23.50. What were...
-
Cliff diving is a sport where athletes dive from high and rocky cliffs into the water. In one such event, an athlete falls freely in 2.30 seconds from the cliff into the water. Part C If the cliff...
-
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round...
-
Vectors are drawn from the center of a regular n-sided polygon in the plane to the vertices of the polygon. Show that the sum of the vectors is zero.
-
At Wolf Company, employees are entitled to one days vacation for each month worked. In January, 80 employees worked the full month. Record the vacation pay liability for January assuming the average...
-
You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1. If cash is borrowed on a $70,000, 9-month, 12% note on August 1, how...
-
Goblin Company, has the following account balances at December 31, 2012. Notes payable ($60,000 due after 12/31/13)...... $100,000 Unearned service revenue............. 70,000 Other long-term debt...
-
Felipe's Mexican Restaurant incurred salaries expense of $ 6 0 , 0 0 0 for 2 0 2 4 . The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment...
-
Your client, Aldridge, is a generous individual. During the year, he made interest - free loans to various family members when the Federal rate was 3 % . What impact, if any, will each of the...
-
Exercise 8 Your Company makes 4 0 0 0 units of a component part. At this level of activity, the cost per part is: \ table [ [ Direct materials,$ 4 . 0 0
Study smarter with the SolutionInn App