12. The following data were taken from the records of Griggs Company for December:Administrative expenses$100,800Cost of goods sold (at standard)550,000Direct materials price variance-unfavorable1,680Direct materials quantity variance-favorable(560)Direct labor rate variance-favorable(1,120)Direct labor time variance-unfavorable490Variable factory overhead controllable variance-favorable(210)Fixed factory overhead volume variance-unfavorable3,080Interest expense2,940Sales868,000Selling expenses125,000 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. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. The image appears to show a blank table with three columns and several rows. Here's a description suitable for an educational context:---**Empty Table Overview**This table is designed to organize information into three separate columns. It includes 21 rows, allowing for a structured representation of data or information. Currently, it is empty, displaying placeholder text "(Label)" in rows 6, 15, and 19. Each cell in the table is ready to be filled with the appropriate content. **Potential Uses:**- Categorizing data into different columns for comparison or analysis.- Creating a schedule or outline where each row represents a different time slot or topic.- Listing key points or statistics across multiple categories.**Instructions for Use:**1. Replace "(Label)" with a suitable heading for each column.2. Fill in the rows with data relevant to the topic being covered.3. Use the table to draw comparisons or illustrate relationships between different sets of information.**Example Application:**- **Column Headings:** Name, Date, Description- **Row Example:** - Row 1: 'Project Meeting', '2023-10-12', 'Discuss project milestones' - Row 2: 'Submission Deadline', '2023-10-19', 'Submit final report'This empty template provides a flexible structure for diverse educational needs. **Griggs Company Income Statement for the Month Ended December 31**This blank income statement template is designed for Griggs Company and covers the financial period ending December 31. The structure is laid out in a tabular format to capture various financial metrics and their evaluations.- **Columns:** - The columns are divided into three sections: Unfavorable, Favorable, and unspecified columns likely meant for the labels and financial figures to be inputted. - **Rows:** - Row 1-3: Reserved for company name and heading. - Row 5: Contains headers for "Unfavorable" and "Favorable" categories. - Row 6 and Row 15: Labeled as "(Label)", intended for specific financial categories or metrics. - Rows in between are empty, suggesting space for detailed entries corresponding to specified financial metrics under Unfavorable and Favorable headings.**Purpose:**The income statement is designed to analyze and present the company's revenue, expenses, and net income for a specific month, with a focus on distinguishing between favorable and unfavorable outcomes in financial performance. This structure can help identify areas of improvement and success in the company’s operations.

Name: 12. The following data were taken from the records of Griggs Company f
Uploaded: 2024-03-20T06:33:06.000Z
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Description: 12. The following data were taken from the records of Griggs Company for December:Administrative expenses$100,800Cost of goods sold (at standard)550,000Direct materials price variance-unfavorable1,680Direct materials quantity variance-favorable(560)D

Solution:- Preparation of an income statement for presentation to management as follows under:-…

Answered: 12. The following data were taken from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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