Use the following information to prepare a standard cost income statement for Longman, using Exhibit 23-13 as
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Use the following information to prepare a standard cost income statement for Longman, using Exhibit 23-13 as a guide. Remember that unfavorable variances are added to cost of goods sold.
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Cost of goods sold $364,000 Direct labor price variance $48,000 U Direct labor efficiency variance $17,500 F Sales Revenue $560,000 Marketing and administrative costs were $75,000 Direct materials efficiency variance $2,800 U Overhead flexible budget variance $3,000 U Direct materials price variance $7,700 U Production volume variance $12,000 F
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