Or%30 % 22:41 17) Caterlebe Productions uses a standard cost system. On December 31, the account balances include the following: Sales Revenues: $750,000 Cost of Goods Sold (standard costing): $400,500 Selling & Admin expenses: $150,000 Variances: Sales revenue variance 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 $6,000 F 400 U 375 F 675 U 150 F 250 U sool F 420 U 100 F Prepare a standard cost income statement. $x $x Answer: Caterlebe Productions Standard Cost Income Statement For the Year Ended December 31, 20XX Sales Revenue at standard Sales Revenue Variance Sales Revenue at actual Cost of Goods Sold at standard Manufacturing Cost Variances: Direct Materials Cost Variance $x Direct Materials Efficiency Variance (x) Direct Labor Cost Variance X Direct Labor Efficiency Variance Variable Overhead Cost Variance Variable Overhead Efficiency Variance (x) Fixed Overhead Cost Variance X Fixed Overhead Volume Variance Total Manufacturing Variances Cost of Goods Sold at actual Gross Profit Selling and Administrative Expenses Operating Income (x) Sx (x) Sx