Review your results from Exercises E23- 19, E23- 20, and E23- 24. Assume each fender produced was sold for the standard price of $ 60 and total selling and ­administrative costs were $ 400,000. Prepare a standard cost income statement for 2014 for Great Fender.

E23- 19, E23- 20

Review the data from Great Fender given in Exercise E23- 19. Consider the ­following additional information:

Static budget variable overhead........... $ 5,500

Static budget fixed overhead ...........$ 22,000

Static budget direct labor hours ...........550 hours

Static budget number of units ...........22,000 units

Great Fender allocates manufacturing overhead to production based on standard ­direct labor hours. Great Fender reported the following actual results for 2014: ­actual variable overhead, $ 4,950; actual fixed overhead, $ 23,000.