All-Star Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2016. The 2016 revenue and cost information for All-Star follows:

Assume each fender produced was sold for the standard price of $60, and total selling and administrative costs were $350,000. Prepare a standard cost income statement for 2016 for All-Star Fender.

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Sales Revenue Cost of Goods Sold (at standard) Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance 1,200,000 191,240 7,250 F 5,750 U 440 U 520 F 950 U 400 F 2,240 U 4,560 U