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Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs...

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—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

Prepare an income statement for presentation to management. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances.

Griggs CompanyIncome statement for the Month Ended December 31

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ekkarill92 answered 2 years ago
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