Reference no: EM132752207
Income Statement Indicating Standard Cost Variances
The following data were taken from the records of Griggs Company for December:
Administrative expenses$100,800
Cost of goods sold (at standard)550,000
Direct materials price variance-unfavorable1,680
Direct materials quantity variance-favorable(560)
Direct labor rate variance-favorable(1,120)
Direct labor time variance-unfavorable490
Variable factory overhead controllable variance-favorable(210)
Fixed factory overhead volume variance-unfavorable3,080
Interest expense2,940 Sales868,000
Selling expenses125,000
Problem 1: Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank.