McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows: E (Click the icon to view the revenue and cost information.) 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. (Use a minus sign or parentheses to er any contra expenses. Enter all other amounts as positive numbers.) Data Table Sales Revenue $ 1,300,000 Cost of Goods Sold (at standard) 196,800 Direct materials cost variance 7,150 F Direct materials efficiency variance 5,950 U Direct labor cost variance 400 U Direct labor efficiency variance 530 F Variable overhead cost variance 650 U Variable overhead efficiency variance 360 F Gross Profit Fixed overhead cost variance 2,350 U Fixed overhead yolume variance 4410 U
McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows: E (Click the icon to view the revenue and cost information.) 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. (Use a minus sign or parentheses to er any contra expenses. Enter all other amounts as positive numbers.) Data Table Sales Revenue $ 1,300,000 Cost of Goods Sold (at standard) 196,800 Direct materials cost variance 7,150 F Direct materials efficiency variance 5,950 U Direct labor cost variance 400 U Direct labor efficiency variance 530 F Variable overhead cost variance 650 U Variable overhead efficiency variance 360 F Gross Profit Fixed overhead cost variance 2,350 U Fixed overhead yolume variance 4410 U
Chapter2: Building Blocks Of Managerial Accounting
Section: Chapter Questions
Problem 9EA: The cost data for Evencoat Paint for the year 2019 is as follows: Using the high-low method, express...
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