FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Cheng company uses a standard cost accounting system. During January, it reported the following
manufacturing variances.
Materials price variance
RM
1,220
U
Labor quantity variance
RM
840
U
Materials quantity variance
760
Overhead variance
740
U
Labor price variance
450
U
In addition, 8,100 units of product were sold at 7 per unit. Each unit sold had a standard cost of 4.
Selling and administrative expenses were 7,890 for the month. Prepare an income statement for
management for the month ended January 31, 2018.
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Transcribed Image Text:Cheng company uses a standard cost accounting system. During January, it reported the following manufacturing variances. Materials price variance RM 1,220 U Labor quantity variance RM 840 U Materials quantity variance 760 Overhead variance 740 U Labor price variance 450 U In addition, 8,100 units of product were sold at 7 per unit. Each unit sold had a standard cost of 4. Selling and administrative expenses were 7,890 for the month. Prepare an income statement for management for the month ended January 31, 2018.
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