9. The following data were taken from the records of Griggs Company for December: Cost Category...
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9. The following data were taken from the records of Griggs Company for December: Cost Category Dollar Amount $110,000 Administrative expenses Cost of goods sold at standard 540,000 Direct materials price variance (unfavorable) 1,650 (540) Direct materials quantity variance (favorable) Direct labor rate variance (favorable) (1,120) Direct labor time variance (unfavorable) 420 (210) Variable factory overhead controllable variance (favorable) Fixed factory overhead volume variance (unfavorable) 3,080 Interest expense 2,070 Sales 869,000 Selling expenses 125,000 Prepare an income statement for presentation to management. 9. The following data were taken from the records of Griggs Company for December: Cost Category Dollar Amount $110,000 Administrative expenses Cost of goods sold at standard 540,000 Direct materials price variance (unfavorable) 1,650 (540) Direct materials quantity variance (favorable) Direct labor rate variance (favorable) (1,120) Direct labor time variance (unfavorable) 420 (210) Variable factory overhead controllable variance (favorable) Fixed factory overhead volume variance (unfavorable) 3,080 Interest expense 2,070 Sales 869,000 Selling expenses 125,000 Prepare an income statement for presentation to management.
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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