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I need help with the a standard income statement Goods Inventory and CCost of Goods Sold (omit the journal entry Tor sales kevenue). t the
I need help with the a standard income statement
Goods Inventory and CCost of Goods Sold (omit the journal entry Tor sales kevenue). t the Manufacturing Overhead account. 23-24 Preparing a standard cost income statement Learning Objective cCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fend- ers during 2018. The 2018 revenue and cost information for McCarthy follows: GP $1,097,480 s 1,300,000 196,800 Sales Revenue Cost of Goods Sold (at standard) Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance 7,150 F 5,950 U 400 U 530 F 650 U 360 F 2,350 U 4,410 U Assume each fender produced was sold for the standard price of S65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy FenderStep by Step Solution
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