Income Statement Indicating Standard Cost Variances The following data were taken from the records Arseneault Company for December: Administrative expenses $114,100 Cost of goods sold (at standard) 634,000 Direct materials price variance-unfavorable 1,830 Direct materials quantity variance-favorable (720) Direct labor rate variance-favorable (1,240) Direct labor time variance-unfavorable 490 Variable factory overhead controllable variance-favorable (250) Fixed factory overhead volume variance-unfavorable 4,190 Interest expense 3,150 Sales 996,000 Selling expenses 136,500 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. If an amount box does not require an entry field, leave it blank. Arseneault Company Income Statement For the Month Ended December 31 Unfavorable Favorable Variance adjustments to gross profit at standard: Operating expenses: Other expense:

Income Statement Indicating Standard Cost Variances The following data were taken from the records Arseneault Company for December: Administrative expenses $114,100 Cost of goods sold (at standard) 634,000 Direct materials price variance-unfavorable 1,830 Direct materials quantity variance-favorable (720) Direct labor rate variance-favorable (1,240) Direct labor time variance-unfavorable 490 Variable factory overhead controllable variance-favorable (250) Fixed factory overhead volume variance-unfavorable 4,190 Interest expense 3,150 Sales 996,000 Selling expenses 136,500 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. If an amount box does not require an entry field, leave it blank. Arseneault Company Income Statement For the Month Ended December 31 Unfavorable Favorable Variance adjustments to gross profit at standard: Operating expenses: Other expense:

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Description: Income Statement Indicating Standard Cost VariancesThe following data were taken from the records of Arseneault Company for December:Administrative expenses$114,100Cost of goods sold (at standard)634,000Direct materials price variance-unfavorable1,8

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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