Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards (Click the icon to view the standards.) (Click the icon to view the actual results.) (Click the icon to view related variances) Prepare a standard cost income statement for the company's management. Assume that sales were $980,000 and actual marketing and administrative expenses were $81,000 (Use a minus sign or parentheses for favorable variances) Grand Display Standard Cost Income Statement Month Ended Manufacturing cost variances: UF Standard Cost Income Statement Month Ended Manufacturing cost variances: U/F Total manufacturing variances Gross profit (actual) Operating income (loss) Prepare a standard cost income statement for the company's management. Assume that sales were $980,000 and actual marketing and administrative expenses were $81,000. (Use a minus sign or parentheses for favorable variances.) ome Inde Data table $980,000 and actual marketing and administrative expense parentheses for favorable variances.) Direct materials (resin).. Direct labor... 9 pounds per pot at a cost of $5.00 per . pound .4.0 hours at a cost of $20.00 per hour Standard variable manufacturing overhead rate..... $2.00 per direct labor hour Budgeted fixed manufacturing overhead Standard fixed MOH rate .$76,000 $10.00 per direct labor hour (DLH) Grand Display allocates manufacturing overhead to production based on standard direct labor hours. The cost of goods sold at standard cost totaled $346,000. Print Done - X Data table Last month, the company reported the following actual results for the production of 2,000 flower pots: Direct materials Direct labor Actual variable manufacturing overhead.. Purchased 19,500 pounds at a cost of $5.20 per pound; .. used 18,800 pounds to produce 2,000 pots Worked 4.5 hours per flower pot (9,000 total DLH) at a .... cost of $19.00 per hour $2.40 per direct labor hour for total actual variable ... manufacturing overhead of $21,600 Actual fixed manufacturing overhead $75,600 Standard fixed manufacturing overhead allocated based on actual production... $80,000 - X or urban settings. The company has these standards: Prepare a standard cost income statement for the compa $980,000 and actual marketing and administrative expen: parentheses for favorable variances.) Data table - Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance $ 3,900 U $4,000 U $9,000 F $20,000 U Variable MOH rate variance $3,600 U me Statement nded Variable MOH efficiency variance $2,000 U Fixed MOH budget variance Fixed MOH volume variance $400 F $4,000 F Print Done +