Reference no: EM133067715

Question - Grand ?Fender, which uses a standard cost? system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for Grand ?follows:

Sales Revenue $500,000

Cost of Good Sold (standard) 192,500

Direct Material Cost Variance 7,250

Direct Material efficiency Variance 5,250

Direct Labor cost variance 410

Direct labor efficiency variance 540

Variable overhead cost variance 950

Variable overhead efficiency variance 450

Fixed overhead cost variance 2,410

Fixed overhead volume variance 4,810

Assume each fender produced was sold for the standard price of $25?, and total selling and administrative costs were $300,000. Prepare a standard cost income statement for 2018 for Grand Fender.