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.