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The following data were taken from the records of Griggs Company for December: Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance--favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable $100,800 550,000 1,680 (560) (1,120) 490 (210) 3,080

The following data were taken from the records of Griggs Company for December: Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance--favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable $100,800 550,000 1,680 (560) (1,120) 490 (210) 3,080

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter4: Activity-based Costing
Section: Chapter Questions
Problem 2CE: Warner Company has the following data for the past year: Warner uses the overhead control account to...
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The following data were taken from the records of Griggs Company for December: ) Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance-favorable Direct labor rate variance-favorable. Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable. Interest expense Sales Selling expenses Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank. Griggs Company Income Statement For the Month Ended December 31 Variances from standard cost: Operating expenses: Total operating expenses Other expense: Unfavorable Favorable $100,800 550,000 1,680 8 (560) (1,120) 490 (210) 3,080 2,940 868,000 125,000 00 00
Transcribed Image Text:The following data were taken from the records of Griggs Company for December: ) Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance-favorable Direct labor rate variance-favorable. Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable. Interest expense Sales Selling expenses Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank. Griggs Company Income Statement For the Month Ended December 31 Variances from standard cost: Operating expenses: Total operating expenses Other expense: Unfavorable Favorable $100,800 550,000 1,680 8 (560) (1,120) 490 (210) 3,080 2,940 868,000 125,000 00 00
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