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Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260U Labor quantity variance $760U Materials quantity variance 720F Overhead variance Labor price variance 710U 540U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2017.

Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260U Labor quantity variance $760U Materials quantity variance 720F Overhead variance Labor price variance 710U 540U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2017.

FINANCIAL ACCOUNTING
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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Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260U Labor quantity variance $760U Materials quantity variance 720F Overhead variance Labor price variance 710U 540U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2017.
Transcribed Image Text:Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260U Labor quantity variance $760U Materials quantity variance 720F Overhead variance Labor price variance 710U 540U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2017.
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