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5 Exercise 10B-1 (Algo) Standard Cost Flows; Income Statement Preparation (LO10-5) 6 Forsyth Company manufactures one product, it does not maintain any beginning or ending

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5 Exercise 10B-1 (Algo) Standard Cost Flows; Income Statement Preparation (LO10-5) 6 Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories and is uses a standard.com system. During the year, the company produced and sold 10,000 units at a price of $151 per unit its standard cost per unit produced is $121 and its selling and administrative expenses totaled $243,000 Forsyth does not have any variable manufacturing overhead casts and it recorded the following variances during the year: ebook Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance 5 8,100 $ 11,800 $ 5,100 5 6.000 5.4.100 $ 13,600 F Print Terences Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much 2. Prepare an income statement for the year, Complete this question by entering your answers in the tabs below. Required: Required 2 When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? The cost of goods sold will by Required 2 > Exercise 10B-1 (Algo) Standard Cost Flows; Income Statement Preparation [LO10-5) 5166 Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $151 per unit Its standard cost per unit produced is $121 and its selling and administrative expenses totaled $243,000. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year Materials price variance 5 8,100 F Materials quantity variance $ 11,800 u Labor rate variance $5,100 Labor efficiency variance $ 6.000 Fixed overhead budget variance $ 4,100 Fixed overhead volume variance $ 13,600 F BOOK = Print References Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year. Forsyth Company Income Statement For the Year Total variance adjustments 0 0

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