Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
Question:
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,000 for the month.
Instructions
Prepare an income statement for management for the month ended January 31, 2022.
Transcribed Image Text:
Materials price variance Materials quantity variance Labor price variance $1,200 U 800 F 550 U Labor quantity variance Overhead variance $750 U 800 U
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Related Book For
Managerial Accounting Tools For Business Decision Making
ISBN: 9781119709589
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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