Check my work 6 Exercise 9B-1 Standard Cost Flows; Income Statement Preparation [L09-8] 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 $144 per unit. Its standard cost per unit produced is $114 and its selling and administrative expenses totaled $239,500. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year 17 points eBook $11,100 s 4,400 U 5,300 F S 3,400 F Material antik. ce Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance Print $12,900 F 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. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? by The cost of goods sold will Required 1 Required 2 Check my 6 Materials quantity variance Labor rate variance $11,100 U $ 4,400 U S 5,300 F S 3,400 F Labor efficiency variance Fixed overhead budqet variance Fixed overhead volume variance $12,900 F 1.7 points 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. eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Prepare an income statement for the year References Forsyth Company Income Statement For the Year Total variance adjustments Required 2 >. Required 1