Don't give answer in image format Current Attempt in ProgressCheyenne Industries uses a standard cost accounting system. During March, 2022, the company reported the following manufacturingvariances:Materials price varianceMaterials quantity varianceLabor price varianceLabor quantity varianceOverhead controllableOverhead volume$2,100 F2,900 U1.100 U2.700 U1,000 F3.500 UIn addition, 15,500 units of product were sold at $18 per unit. Each unit sold had a standard cost of $14. Selling and administrativeexpenses for the month were $15,500.Prepare an income statement for management for the month ending March 31, 2022. (Enter favorable variance using either anegative sign preceding the number e.g.-45 or parentheses e.g. (45).)CHEYENNEINDUSTRIESIncome Statement

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Description: Don't give answer in image format Current Attempt in ProgressCheyenne Industries uses a standard cost accounting system. During March, 2022, the company reported the following manufacturingvariances:Materials price varianceMaterials quantity variance

A financial statement that outlines the company's revenue and outlays is called an income statement.…

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Cheyenne Industries uses a standard cost accounting system. During March, 2022, the company reported the following manufacturing variances: Materials price variance Materials quantity variance Labor price variance Labor quantity variance Overhead controllable Overhead volume $2,100 F 2.900 U 1.100 U 2.700 U 1,000 F 3.500 U

Cheyenne Industries uses a standard cost accounting system. During March, 2022, the company reported the following manufacturing variances: Materials price variance Materials quantity variance Labor price variance Labor quantity variance Overhead controllable Overhead volume $2,100 F 2.900 U 1.100 U 2.700 U 1,000 F 3.500 U

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the total factory cost variance favorable or unfavorable? (b) Are the controllable and volume variances favorable or unfavorable?
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