Prepare an income statement for management for the month ended January 31, 2025.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sunland Company uses a standard cost accounting system. During January, the company reported the following manufacturing
variances.
Materials price variance
$1,230 U
Labor quantity variance
$770 U
Materials quantity variance
780 F
Overhead variance
700 U
Labor price variance
540 U
In addition, 8,650 units of product were sold at $8 per unit. Each unit
expenses were $7,040 for the month.
had a standard cost of $3. Selling and administrative
2
Prepare an income statement for management for the month ended January 31, 2025.
$
SUNLAND COMPANY
Income Statement
January 31, 2025
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