FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Dunso Company uses a standard cost accounting system.
During January, the company reported the following manufacturing variances.
Materials price variance
$ 1,220
U
Labor quantity variance
$ 840
U
Materials quantity variance
760
F
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, 2017.
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Transcribed Image Text:Dunso Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $ 1,220 U Labor quantity variance $ 840 U Materials quantity variance 760 F 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, 2017.
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