Refer to the Country Designs data set. Prepare a standard cost income statement for the company's management. Assume that sales were $650,000 and actual marketing and administrative expenses were $78,000.
Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards:

Country Designs allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,300 flower pots:

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Direct materials (resin) 13 pounds per pot at a cost of $4.00 per pound 4.0 hours at a cost of $17.00 per hour Direct labor . Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead. Standard fixed MOH rate. cost $7.00 per direct labor hour $50,000 $10.00 per direct labor hour (DLH) Purchased 18,510 pounds at a cost of $4.50 per pound; used 17,810 pounds to produce 1,300 pots Worked 4.5 hours per flower pot (5,850 total DLH) at a cost of $16.00 per hour $7.20 per direct labor hour for total actual variable manufacturing overhead of Direct materials Direct labor Actual variable manufacturing overhead $42,120 $49,500 Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production $52,000