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A summary of Flaker Companys manufacturing variance report for June 2019 follows.

			Total Standard Costs (7,600 units)		Actual Costs (7,600 units)		Variances
Direct material			$66,880		$66,150		$730		F
Direct labor			77,520		81,420		3,900		U
Variable overhead			33,060		33,000		60		F
Fixed overhead			102,600		102,600		-
			$280,060		$283,170		$3,110		U

Standard materials cost per unit of product is 4 pounds at $2.20 per pound, and standard direct labor cost is 0.75 hour at $13.60 per hour. Total actual materials cost represents 31,500 pounds purchased at $2.10 per pound. Total actual labor cost represents 5,900 hours at $13.80 per hour. According to standards, variable overhead rate is applied at $5.80 per direct labor hour (based on a normal capacity of 6,000 direct labor hours or 8,000 units of product). Assume that all fixed overhead is applied to work-in-progress inventory.

b. Prepare general journal entries to record standard costs, actual costs, and related variances for material, labor, and overhead.

c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory and the subsequent sale of 6,400 units on account at $60 each (assume no beginning finished goods inventory).

d. Prepare a partial income statement (through gross profit on sales) showing gross profit based on standard costs, the incorporation of variances, and gross profit based on actual costs.

Do not use negative signs with any of your answers below.

Flaker Company Partial Income Statement For the Month Ended June 30, 2019
Sales					Answer Mark 0.00 out of 1.00
Cost of goods at standard cost					Answer Mark 0.00 out of 1.00
Gross profit at standard cost					Answer Mark 0.00 out of 1.00
Net cost variance
Material				Answer Mark 0.00 out of 1.00
Labor				Answer Mark 0.00 out of 1.00
Variable overhead				Answer Mark 0.00 out of 1.00	Answer