Please provide solution details for the following using the template,

Phoenix, Inc. reported standard and actual costs for the product that it manufactures:

Item	Standard	Actual
Direct materials quantity	2 lbs.	4 lbs.
Direct material price	$3 per lb.	$2 per lb.
Direct labor quantity	3 hours	2 hours
Direct labor price	$5	$7
Factory overhead	$1 per machine hour	$2 per machine hour
Total machine hours	10 machine hours	18 machine hours
Number of finished products made	10	12
Number of finished products sold	10	11
Sales price per unit	$40	$40

Required: Compute the following items:

1. Standard product cost

2. Forecast income statement through gross profit

3. Actual product cost

4. Direct materials quantity, price, and total variances

5. Direct labor quantity, price, and total variances

6. Factory overhead quantity, price, and total variances

7. Actual cost of goods manufactured statement

8. Actual cost of goods sold (assume no beginning inventory)

Actual income statement through gross profit

Provided template:

Required: Compute the following items:

1. Standard product cost

Standard Cost	Price	Quantity	Cost
Direct material
Direct labor
Factory overhead
Standard product cost

2. Forecast income statement through gross profit

Income Statement

Sales revenue
Cost of goods sold
Gross profit

3. Actual product cost

Actual Cost	Price	Quantity	Cost
Direct material
Direct labor
Factory overhead
Standard product cost

4. Direct materials quantity, price, and total variances

Actual Quantity * Actual Rate		Actual Quantity * Standard Rate			Standard Quantity * Standard Rate
Direct materials price variance:			Direct materials quantity variance:
Total direct materials variance:

5. Direct labor quantity, price, and total variances

Actual Quantity * Actual Price		Actual Quantity * Standard Price			Standard Quantity * Standard Price
Direct labor price variance:			Direct labor quantity variance:
Total direct labor variance:

6. Factory overhead quantity, price, and total variances

Actual Overhead Costs		Actual Quantity * Standard Rate (Price)			Standard Quantity * Standard Rate (Price)
Factory overhead price variance:			Factory overhead quantity variance:
Total factory overhead variance:

7. Actual cost of goods manufactured statement

Cost of Goods Manufactured

Direct materials
+ direct labor
+ factory overhead
Cost of goods manufactured

8. Actual cost of goods sold (assume no beginning inventory)

Cost of Goods Sold

Beginning inventory of finished goods
+ Cost of goods manufactured
Finished goods available for sale
- Ending inventory of finished goods
Cost of goods sold

9. Actual income statement through gross profit

Income Statement

Sales revenue
Cost of goods sold (per COGS statement)
Gross profit