Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260U Labor quantity variance $760U Materials quantity variance 720F Overhead variance Labor price variance 710U 540U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2017.
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260U Labor quantity variance $760U Materials quantity variance 720F Overhead variance Labor price variance 710U 540U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Fisk Company uses a standard cost accounting system.
During January, the company reported the following
manufacturing variances.
Materials price variance
$1,260U
Labor quantity variance
$760U
Materials quantity variance 720F
Overhead variance
Labor price variance
710U
540U
In addition, 8,660 units of product were sold at $8 per unit.
Each unit sold had a standard cost of $5. Selling and
administrative expenses were $8,020 for the month.
Prepare an income statement for management for the
month ended January 31, 2017.
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