Venneman Company produces a product that requires 3.5 tandard pounds per unt. The standard price is $5.50 per pound. The cerrgany protuced 14.000 unts that iegured 46.000 pounds, which wore purthased at $5.40 per pound. The product also requies 4 standard hours pee unit at a standard houdy cate of $12 per hour. The 14.000 units required 53,000 hours at an hourly rate of 511.85 per hour. In addition, the standard variable cverhesd cost per una is 50 . 60 por hour and the achual variable factory overtead was 546,100 . Finaly, the standard faxed ovehead cost per unit is $0.95 per hoye at 55.000 hourb, which is 100 s of nomal capacily. Assume that Vonneman sold 14,000 uris at 5165 per unit. Aequiredr Ambunf Descriptions for the axact wonfing of fent entries. Enter alf amount as poseve numbere oxcept favorable variances. Use a minus agen to endicute favorable vanances. A cobn (f) wis dulomaficaly appear for you if it is required. Income Statement with Variances Instructions Labels and Amount Descriptions Income Statement Labels and Amount Descriptions Labels For the Month Ended March 31 For the Year Ended March 31 Variance adjustments to gross profit at standard Amount Descriptions Add net favorable variance from standard Cost of goods sold-at standard Direct labor rate Direct labor time Direct materials price Direct materials quantity Factory overhead controllable Factory overhead volume Gross profit-at standard Gross profit Less net unfavorable variance from standard Sales Prepare an income statement through gross pront for Vonneman Company for the month ended March 31 . Aoler to the Hsts of Labels and Amount Descriptions for the exact warding of text entries: Enter all amounis as positive numbers except favorable variances, Use ai minus sign to indicato favorabie variances. A colon (A) will autamabcaly appear for you if it is required. Income Statement with Variances Instructions Labels and Amount Descriptions Income Statement Venneman Company produces a product that requires 3.5 tandard pounds per unt. The standard price is $5.50 per pound. The cerrgany protuced 14.000 unts that iegured 46.000 pounds, which wore purthased at $5.40 per pound. The product also requies 4 standard hours pee unit at a standard houdy cate of $12 per hour. The 14.000 units required 53,000 hours at an hourly rate of 511.85 per hour. In addition, the standard variable cverhesd cost per una is 50 . 60 por hour and the achual variable factory overtead was 546,100 . Finaly, the standard faxed ovehead cost per unit is $0.95 per hoye at 55.000 hourb, which is 100 s of nomal capacily. Assume that Vonneman sold 14,000 uris at 5165 per unit. Aequiredr Ambunf Descriptions for the axact wonfing of fent entries. Enter alf amount as poseve numbere oxcept favorable variances. Use a minus agen to endicute favorable vanances. A cobn (f) wis dulomaficaly appear for you if it is required. Income Statement with Variances Instructions Labels and Amount Descriptions Income Statement Labels and Amount Descriptions Labels For the Month Ended March 31 For the Year Ended March 31 Variance adjustments to gross profit at standard Amount Descriptions Add net favorable variance from standard Cost of goods sold-at standard Direct labor rate Direct labor time Direct materials price Direct materials quantity Factory overhead controllable Factory overhead volume Gross profit-at standard Gross profit Less net unfavorable variance from standard Sales Prepare an income statement through gross pront for Vonneman Company for the month ended March 31 . Aoler to the Hsts of Labels and Amount Descriptions for the exact warding of text entries: Enter all amounis as positive numbers except favorable variances, Use ai minus sign to indicato favorabie variances. A colon (A) will autamabcaly appear for you if it is required. Income Statement with Variances Instructions Labels and Amount Descriptions Income Statement
