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Exercise 10B-2 Standard Cost Flows; Income Statement Preparation [LO10-5) Swain Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. The company's beginning balance in Retained Earnings is $58,000. It sells one product for $177 per unit and it generated total sales during the period of $640,740 while incurring selling and administrative expenses of $55,200. Swain Company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: Standard Standard Quantity or lours 7-0 pounds 2.5 hours 2.5 hours Standard Price Direct materials Direct Labor Pixed manufacturing overhead Total standard eost per unit 9 per pound $12 per hour 20 per hour s 63 30 $143 During the period, Swain recorded the following variances: Materiala price varlanee Materiala quantity varianee Labor rate variance Labor efficiency variance Pixed overhead budget varlanee Pixed overbed volume 'ariane@ 3,700 U $9,600 F 4,200 U $6,900 U $1,600 U $6,700 Required: 1. When Swain closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year 3. What is Swain's ending balance in Retained Earnings? Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 When Swain dloses its standard cost variances, the cost of goods sold will increase (decrease) by how much? Required 2> Required 1 Required 2 Required 3 Prepare an income statement for the year Swain Company Income Statement For the Year Total variance adjustments