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Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.
Materials price variance
$1,200 U
Labor quantity variance
$750 U
Materials quantity variance
800 F
Overhead variance
800 U
Labor price variance
550 U
In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,000 for the month.
Instructions
Prepare an income statement for management for the month ended January 31, 2014.
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