McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows: E (Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. (Use a minus sign or parentheses to er any contra expenses. Enter all other amounts as positive numbers.) Data Table Sales Revenue $ 1,300,000 Cost of Goods Sold (at standard) 196,800 Direct materials cost variance 7,150 F Direct materials efficiency variance 5,950 U Direct labor cost variance 400 U Direct labor efficiency variance 530 F Variable overhead cost variance 650 U Variable overhead efficiency variance 360 F Gross Profit Fixed overhead cost variance 2,350 U Fixed overhead yolume variance 4410 U
McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows: E (Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. (Use a minus sign or parentheses to er any contra expenses. Enter all other amounts as positive numbers.) Data Table Sales Revenue $ 1,300,000 Cost of Goods Sold (at standard) 196,800 Direct materials cost variance 7,150 F Direct materials efficiency variance 5,950 U Direct labor cost variance 400 U Direct labor efficiency variance 530 F Variable overhead cost variance 650 U Variable overhead efficiency variance 360 F Gross Profit Fixed overhead cost variance 2,350 U Fixed overhead yolume variance 4410 U
Chapter2: Building Blocks Of Managerial Accounting
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Problem 9EA: The cost data for Evencoat Paint for the year 2019 is as follows: Using the high-low method, express...
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Chapter 23, Question 4. Please answer all the blanks in same format as question so it's easy to transfer
![McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows:
E (Click the icon to view the revenue and cost information.)
Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. (Use a minus sign or parentheses to enter
any contra expenses. Enter all other amounts as positive numbers.)
Data Table
Sales Revenue
$
1,300,000
Cost of Goods Sold (at standard)
196,800
Direct materials cost variance
7,150 F
Direct materials efficiency variance
5,950 U
Direct labor cost variance
400 U
Direct labor efficiency variance
530 F
Variable overhead cost variance
650 U
Variable overhead efficiency variance
360 F
Gross Profit
Fixed overhead cost variance
2,350 U
Fixed overhead volume variance
4,410 U
Operating Income (Loss)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F588b1606-a7cb-492f-b2c1-78dc429479a1%2F002bd657-02f8-4349-9e67-e199f00676b2%2Fc2s6ry5_processed.png&w=3840&q=75)
Transcribed Image Text:McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows:
E (Click the icon to view the revenue and cost information.)
Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. (Use a minus sign or parentheses to enter
any contra expenses. Enter all other amounts as positive numbers.)
Data Table
Sales Revenue
$
1,300,000
Cost of Goods Sold (at standard)
196,800
Direct materials cost variance
7,150 F
Direct materials efficiency variance
5,950 U
Direct labor cost variance
400 U
Direct labor efficiency variance
530 F
Variable overhead cost variance
650 U
Variable overhead efficiency variance
360 F
Gross Profit
Fixed overhead cost variance
2,350 U
Fixed overhead volume variance
4,410 U
Operating Income (Loss)
![McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows:
E (Click the icon to view the revenue and cost information.)
Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. (Use a minus sign or parentheses to enter
any contra expenses. Enter all other amounts as positive numbers.)
Data Table
McCarthy Fender
Standard Cost Income Statement
For the Year Ended December 31, 2018
Sales Revenue
$
1,300,000
Cost of Goods Sold (at standard)
196,800
Direct materials cost variance
7,150 F
Direct materials efficiency variance
5,950 U
Direct labor cost variance
400 U
Direct labor efficiency variance
530 F
Variable overhead cost variance
650 U
Variable overhead efficiency variance
360 F
Fixed overhead cost variance
2,350 U
Fixed overhead volume variance
4,410 U](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F588b1606-a7cb-492f-b2c1-78dc429479a1%2F002bd657-02f8-4349-9e67-e199f00676b2%2Fouit0rt_processed.png&w=3840&q=75)
Transcribed Image Text:McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018. The 2018 revenue and cost information for McCarthy follows:
E (Click the icon to view the revenue and cost information.)
Assume each fender produced was sold for the standard price of $65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender. (Use a minus sign or parentheses to enter
any contra expenses. Enter all other amounts as positive numbers.)
Data Table
McCarthy Fender
Standard Cost Income Statement
For the Year Ended December 31, 2018
Sales Revenue
$
1,300,000
Cost of Goods Sold (at standard)
196,800
Direct materials cost variance
7,150 F
Direct materials efficiency variance
5,950 U
Direct labor cost variance
400 U
Direct labor efficiency variance
530 F
Variable overhead cost variance
650 U
Variable overhead efficiency variance
360 F
Fixed overhead cost variance
2,350 U
Fixed overhead volume variance
4,410 U
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