Phap Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
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Phap 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 $8.00 per unit. Each unit sold had a standard cost of $6.00. Selling and administrative expenses were $6,000 for the month.InstructionsPrepare an income statement for management for the month ended January 31,2012.
Transcribed Image Text:
Materials price variance Materials quantity variance Labor price variance Labor quantity variance Overhead variance $725 U $1,250 U 700 F 800 U 525 U
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PHAP COMPANY Income Statement For the Month Ended January 31 2012 Sales 8000 X 8 6...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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