Cost of Goods Sold (at standard) $361,000 Direct Labor Efficiency Variance $19,000 F Sales Revenue (at standard) 590,000 Variable Overhead Efficiency Variance 3,600 U Direct Materials Cost Variance 7,800 U Fixed Overhead Volume Variance 12,200 F Direct Materials Efficiency Variance 2,500 U Selling and Administrative Expenses 78,000 Direct Labor Cost Variance 48,000 U Variable Overhead Cost Variance 1,100 F Fixed Overhead Cost Variance 1,900 F Use the following information to prepare a standard cost income statement for Stone Company for 2018.
Cost of Goods Sold (at standard) $361,000 Direct Labor Efficiency Variance $19,000 F Sales Revenue (at standard) 590,000 Variable Overhead Efficiency Variance 3,600 U Direct Materials Cost Variance 7,800 U Fixed Overhead Volume Variance 12,200 F Direct Materials Efficiency Variance 2,500 U Selling and Administrative Expenses 78,000 Direct Labor Cost Variance 48,000 U Variable Overhead Cost Variance 1,100 F Fixed Overhead Cost Variance 1,900 F Use the following information to prepare a standard cost income statement for Stone Company for 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
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Cost of Goods Sold (at standard)
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$361,000
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Direct Labor Efficiency Variance
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$19,000
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F
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Sales Revenue (at standard)
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590,000
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Variable
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3,600
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U
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Direct Materials Cost Variance
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7,800
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U
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Fixed Overhead Volume Variance
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12,200
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F
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Direct Materials Efficiency Variance
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2,500
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U
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Selling and Administrative Expenses
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78,000
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Direct Labor Cost Variance
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48,000
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U
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Variable Overhead Cost Variance
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1,100
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F
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Fixed Overhead Cost Variance
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1,900
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F
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Use the following information to prepare a standard cost income statement for
Stone
Company for
2018.
(Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)LOADING...
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Stone Company
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Standard Cost Income Statement
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For the Year Ended December 31, 2018
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Use the following information to prepare a standard cost income statement for
Stone
Company for
2018.
(Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)LOADING...
(Click|
Stone Company
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||||
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Standard Cost Income Statement
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For the Year Ended December 31, 2018
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Gross Profit
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Operating Income
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