Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great follows: 1(Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $60, and total selling and administrative costs were $450,000. Prepare a standard cost income statement for 2024 for Great Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Great Fender Standard Cost Income Statement For the Year Ended December 31, 2024 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Gross Profit (14) Operating Income (Loss) 1: Data Table Sales Revenue $1,200,000 Cost of Goods Sold (at standard) 199,200 Direct materials cost variance 7,450 F Direct materials efficiency variance 5,850 U Direct labor cost variance 440 U Direct labor efficiency variance 590 F Variable overhead cost variance 690 U Variable overhead efficiency variance 750 F Fixed overhead cost variance 2,140 U Fixed overhead volume variance 4,710 U (1) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance (2) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance (10) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance (11) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance

Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great follows: 1(Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $60, and total selling and administrative costs were $450,000. Prepare a standard cost income statement for 2024 for Great Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Great Fender Standard Cost Income Statement For the Year Ended December 31, 2024 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Gross Profit (14) Operating Income (Loss) 1: Data Table Sales Revenue $1,200,000 Cost of Goods Sold (at standard) 199,200 Direct materials cost variance 7,450 F Direct materials efficiency variance 5,850 U Direct labor cost variance 440 U Direct labor efficiency variance 590 F Variable overhead cost variance 690 U Variable overhead efficiency variance 750 F Fixed overhead cost variance 2,140 U Fixed overhead volume variance 4,710 U (1) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance (2) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance (10) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance (11) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance

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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Question

Great Fender, which uses a standard cost system, manufactured

20,000

boat fenders during

2024.

The

2024

revenue and cost information for

Great

follows:

1(Click

the icon to view the revenue and cost information.)

Assume each fender produced was sold for the standard price of

$60,

and total selling and administrative costs were

$450,000.

Prepare a standard cost income statement for

2024

for

Great

Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)

Great Fender
Standard Cost Income Statement
For the Year Ended December 31, 2024
(1)
(2)
(3)
	(4)
	(5)
	(6)
	(7)
	(8)
	(9)
	(10)
	(11)
	(12)
(13)
Gross Profit
(14)
Operating Income (Loss)

1: Data Table

Sales Revenue	$1,200,000
Cost of Goods Sold (at standard)	199,200
Direct materials cost variance	7,450 F
Direct materials efficiency variance	5,850 U
Direct labor cost variance	440 U
Direct labor efficiency variance	590 F
Variable overhead cost variance	690 U
Variable overhead efficiency variance	750 F
Fixed overhead cost variance	2,140 U
Fixed overhead volume variance	4,710 U

(1)

Cost of Goods Sold at actual

Cost of Goods Sold at standard

Direct Labor Cost Variance

Direct Labor Efficiency Variance

Direct Materials Cost Variance

Direct Materials Efficiency Variance

Fixed Overhead Cost Variance

Fixed Overhead Volume Variance

Manufacturing Cost Variances:

Sales Revenue

Selling and Administrative Expenses

Total Manufacturing Cost Variances

Variable Overhead Cost Variance

Variable Overhead Efficiency Variance

(2)

Cost of Goods Sold at actual

Cost of Goods Sold at standard

Direct Labor Cost Variance

Direct Labor Efficiency Variance

Direct Materials Cost Variance

Direct Materials Efficiency Variance

Fixed Overhead Cost Variance

Fixed Overhead Volume Variance

Manufacturing Cost Variances:

Sales Revenue

Selling and Administrative Expenses

Total Manufacturing Cost Variances

Variable Overhead Cost Variance

Variable Overhead Efficiency Variance

Cost of Goods Sold at actual

Cost of Goods Sold at standard

Direct Labor Cost Variance

Direct Labor Efficiency Variance

Direct Materials Cost Variance

Direct Materials Efficiency Variance

Fixed Overhead Cost Variance

Fixed Overhead Volume Variance

Manufacturing Cost Variances:

Sales Revenue

Selling and Administrative Expenses

Total Manufacturing Cost Variances

Variable Overhead Cost Variance

Variable Overhead Efficiency Variance

Cost of Goods Sold at actual

Cost of Goods Sold at standard

Direct Labor Cost Variance

Direct Labor Efficiency Variance

Direct Materials Cost Variance

Direct Materials Efficiency Variance

Fixed Overhead Cost Variance

Fixed Overhead Volume Variance

Manufacturing Cost Variances:

Sales Revenue

Selling and Administrative Expenses

Total Manufacturing Cost Variances

Variable Overhead Cost Variance

Variable Overhead Efficiency Variance

(10)

Cost of Goods Sold at actual

Cost of Goods Sold at standard

Direct Labor Cost Variance

Direct Labor Efficiency Variance

Direct Materials Cost Variance

Direct Materials Efficiency Variance

Fixed Overhead Cost Variance

Fixed Overhead Volume Variance

Manufacturing Cost Variances:

Sales Revenue

Selling and Administrative Expenses

Total Manufacturing Cost Variances

Variable Overhead Cost Variance

Variable Overhead Efficiency Variance

(11)

Cost of Goods Sold at actual

Cost of Goods Sold at standard

Direct Labor Cost Variance

Direct Labor Efficiency Variance

Direct Materials Cost Variance

Direct Materials Efficiency Variance

Fixed Overhead Cost Variance

Fixed Overhead Volume Variance

Manufacturing Cost Variances:

Sales Revenue

Selling and Administrative Expenses

Total Manufacturing Cost Variances

Variable Overhead Cost Variance

Variable Overhead Efficiency Variance

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