= Homework: Chapter 10 Question 10, E10-37A (S... HW Score: 0%, 0 of 10 points O Points: 0 of 1 Save Watermate is a manufacturer of ceramic bottles. E: (Click the icon to view the standards.) (Click the icon to view the actual results.) : (Click the icon to view related variances.) Requirement Prepare a standard cost income statement for Groovy Bottles' management. Assume that sales were $541,200 and actual marketing and administrative expenses were $77,500 Data table (Use a minus sign or parentheses for favourable variances.) Data table Watermate The company has these standards Standard Cost Income Statement Month Ended $ 3,168 U 3.036 U Direct materials price variance Direct materials efficiency variance Direct labour price variance Direct labour efficiency variance 16.500 F 46,860 U Direct materials (clay) 1.1 kg per bottle, at a cost of $0.46 per kg Direct labour.... 1/5 hour per bottle, at a cost of $14.20 per hour Static budget variable overhead $68,850 Static budget fixed overhead $29,070 Static budget direct labour hours 10,200 hours Static budget number of bottles .......50,000 Watermate allocates manufacturing overhead to production based on standard direct labour hours. The cost of goods sold at standard cost totalled $347,556. Total manufacturing overhead variance Overhead flexible budget variance Production volume variance 1,220 F 7,330 U 8,550 F Sales revenue Cost of goods sold at standard cost Manufacturing cost variances: Direct materials price variance Direct materials efficiency variance Direct labour price variance Direct labour efficiency variance Manufacturing overhead flexible budget variance Production volume variance Total manufacturing variances Cost of goods sold at actual cost Gross profit Marketing and administrative expenses - X Data table Print Done Last month, Watermate reported the following actual results for the production of 66,000 bottles: Direct materials. Direct labour .. Actual variable overhead 1.2 kg per bottle, at a cost of $0.50 per kg 1/4 hour per bottle, at a cost of $13.20 per hour $ 101,000 $24,500 Operating income (loss) Actual fixed overhead Print Done