Question
Exercise 24-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,220 U Labor
Exercise 24-16
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
| Materials price variance | $1,220 | U | Labor quantity variance | $870 | U | |||
| Materials quantity variance | 740 | F | Overhead variance | 840 | U | |||
| Labor price variance | 510 | U |
In addition, 9,000 units of product were sold at $9 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $7,060 for the month. Prepare an income statement for management for the month ended January 31, 2020.
| FISK COMPANY Income Statement January 31, 2020For the Year Ended January 31, 2020For the Month Ended January 31, 2020 | ||||||
| $ | ||||||
| DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances | ||||||
| DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances | ||||||
| $ | FavorableUnfavorableNeither favorable nor unfavorable | |||||
| FavorableUnfavorableNeither favorable nor unfavorable | ||||||
| FavorableUnfavorableNeither favorable nor unfavorable | ||||||
| FavorableUnfavorableNeither favorable nor unfavorable | ||||||
| FavorableUnfavorableNeither favorable nor unfavorable | ||||||
| DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances | FavorableUnfavorableNeither favorable nor unfavorable | |||||
| DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances | ||||||
| DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances | $ | |||||
| .
|
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The Love Audit
Authors: Annah Conwell
1st Edition
B0B9SMDYNM, 979-8843874452
