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Question: In Silverstone Corporation's income statement, they report an actual gross profit of $55,000 and the following variances: Variance Amount Materials price $500 F Materials quantity $700 F Labor price $300 U Labor quantity $1,200 F Overhead $1,000 F Silverstone would report gross profit at the standard of: A) $57,200 B) $55,500 C) $58,000 D) $51,900

Question: In Silverstone Corporation's income statement, they report an actual gross profit of $55,000 and the following variances: Variance Amount Materials price $500 F Materials quantity $700 F Labor price $300 U Labor quantity $1,200 F Overhead $1,000 F Silverstone would report gross profit at the standard of: A) $57,200 B) $55,500 C) $58,000 D) $51,900

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 22E
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Silverstone would report profit at?

Question: In Silverstone Corporation's income statement, they report an actual gross profit of $55,000 and the following variances: Variance Amount Materials price $500 F Materials quantity $700 F Labor price $300 U Labor quantity $1,200 F Overhead $1,000 F Silverstone would report gross profit at the standard of: A) $57,200 B) $55,500 C) $58,000 D) $51,900
Transcribed Image Text:Question: In Silverstone Corporation's income statement, they report an actual gross profit of $55,000 and the following variances: Variance Amount Materials price $500 F Materials quantity $700 F Labor price $300 U Labor quantity $1,200 F Overhead $1,000 F Silverstone would report gross profit at the standard of: A) $57,200 B) $55,500 C) $58,000 D) $51,900
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