Grand Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for Grand

follows:

Assume each fender produced was sold for the standard price of $25, and total selling and administrative costs were $300,000. Prepare a standard cost income statement for 2018 for Grand Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)

Sales Revenue	$500,000
Cost of Good Sold (standard)	192,500
Direct Material Cost Variance	7,250
Direct Material efficiency Variance	5,250
Direct Labor cost variance	410
Direct labor efficiency variance	540
Variable overhead cost variance	950
Variable overhead efficiency variance	450
Fixed overhead cost variance	2,410
Fixed overhead volume variance	4,810