Reference no: EM132776097
Problem - 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-unfavorable 1,680
Direct materials quantity variance-favorable (560)
Direct labor rate variance-favorable (1,120)
Direct labor time variance-unfavorable 490
Variable factory overhead controllable variance-favorable (210)
Fixed factory overhead volume variance-unfavorable 3,080
Interest expense 2,940
Sales 868,000
Selling expenses 125,000
Required - Prepare income statement for presentation to management.
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