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Swain Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. The company's beginning balance in Retained Earnings is $55.000. It sells one product for $163 per unit and it generated total sales during the period of $567.240 while incurring selling and administrative expenses of $55.500. Swain Company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: (1) (2) Standard Quantity or Hours 9.0 pounds 2.5 hours 2.5 hours Standard Cost (1) x (2) $ 63 Standard Price or Rate $ 7 per pound $ 12 per hour $20 per hour Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit 30 143 During the period, Swain recorded the following variances: Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance $ 3,350 U $ 8,900 F $ 3,850 U $6,550 W $1,250 W $5,450 F Required: 1. When Swain closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year. 3. What is Swain's ending balance in Retained Earnings? Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance $ 3,350 U $ 8,900 F $ 3,850 U $ 6,550 U $ 1,250 U $5,450 F Required: 1. When Swain closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year. 3. What is Swain's ending balance in Retained Earnings? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 When Swain closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? The cost of goods sold will by Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for the year. Swain Company Income Statement For the Year Total variance adjustments stments Required 1 Required 2 Required 3 What is Swain's ending balance in Retained Earnings? Ending balance in retained earnings