S Smith manufactures coffee mugs that it sells to other companies for customizing with their own logos. (Click the icon to view the cost data.) Actual cost and production information for July 2018 follows: (Click the icon to view actual cost and production information.) Smith's standard and actual sales price per mug is $8. Gross Profit Operating Income (Loss) Get more help - Smith Standard Cost Income Statement For the Month Ended July 31, 2018

Smith manufactures coffee mugs that it selis to other companies for customizing with their own logos. (Click the icon to view the cost data.) Actual cost and production information for July 2018 follows: (Click the icon to view actual cost and production information.) Smith's standard and actual sales price per mug is $8. Get more help . (Click the icon to view joumal entries.) Prepare the standard costing income statement for July 2018. (Use a minus sign or parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) Smith prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 59,900 coffee mugs per month: a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,600 coffee mugs. c. Actual direct materials usage was 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 199,000 minutes at a total cost of $29,850. e. Actual overhead cost was $3,980 variable and $36,720 fixed. f. Selling and administrative costs were $98,000. Smith calculated the following variances and recorded the following entries for July 2018 (Click the icon to view variances.) Reference or pare Reference