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23-24 Preparing a standard cost income Staleme Learning Objective 6 GP $1,097,480 McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows: Sales Revenue $1,300,000 Cost of Goods Sold (at standard) 196,800 Direct materials cost variance 7,150 Direct materials efficiency variance 5,950 Direct labor cost variance 400 Direct labor efficiency variance 530 Variable overhead cost variance 650 VRV-Home of Your TEFL Worldwide Pral Email Address Conti Cost of Goods Sold (at standard) 196,800 7,150 Direct materials cost variance Direct materials efficiency variance 5,950 400 Direct labor cost variance 530 Direct labor efficiency variance 650 Variable overhead cost variance 360 Variable overhead efficiency variance 2.350 Fixed overhead cost variance 4.410 Fixed overhead volume variance Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. Problems Group A P23-25A Preparing a flexible budget performance report