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 $64,000. It sells one product for $171 per unit and it generated total sales during the period of $608,760 whille incurring selling and administrative expenses of $54,600. Swain Company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: During the period, Swain recorded the following variances: 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. When Swain closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 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 $64,000. It sells one product for $171 per unit and it generated total sales during the period of $608,760 while incurring selling and administrative expenses of $54,600. Swain Company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: During the period, Swain recorded the following variances: 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. Prepare an income statement for the year. 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 $64,000. It sells one product for $171 per unit and it generated total sales during the period of $608,760 while incurring selling and administrative expenses of $54,600. Swain Company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: During the period, Swain recorded the following varlances: 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. What is Swain's ending balance in Retained Earnings