Please help me with show all calculation thanku The following data were taken from the records of Griggs Company for December:)Administrative expensesCost of goods sold (at standard)Direct materials price variance-unfavorableDirect materials quantity variance-favorableDirect labor rate variance-favorable.Direct labor time variance-unfavorableVariable factory overhead controllable variance-favorableFixed factory overhead volume variance-unfavorable.Interest expenseSalesSelling expensesPrepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positivenumber. If an amount box does not require an entry leave it blank.Griggs CompanyIncome StatementFor the Month Ended December 31Variances from standard cost:Operating expenses:Total operating expensesOther expense:Unfavorable Favorable$100,800550,0001,6808(560)(1,120)490(210)3,0802,940868,000125,00000 00

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Description: Please help me with show all calculation thanku The following data were taken from the records of Griggs Company for December:)Administrative expensesCost of goods sold (at standard)Direct materials price variance-unfavorableDirect materials quantity

Lets understand the basics.Income statement is the statement showing the net revenue after deducting…

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The following data were taken from the records of Griggs Company for December: Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance--favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable $100,800 550,000 1,680 (560) (1,120) 490 (210) 3,080

The following data were taken from the records of Griggs Company for December: Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance--favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable $100,800 550,000 1,680 (560) (1,120) 490 (210) 3,080

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Please help me with show all calculation thanku

The following data were taken from the records of Griggs Company for December:
)
Administrative expenses
Cost of goods sold (at standard)
Direct materials price variance-unfavorable
Direct materials quantity variance-favorable
Direct labor rate variance-favorable.
Direct labor time variance-unfavorable
Variable factory overhead controllable variance-favorable
Fixed factory overhead volume variance-unfavorable.
Interest expense
Sales
Selling expenses
Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive
number. If an amount box does not require an entry leave it blank.
Griggs Company
Income Statement
For the Month Ended December 31
Variances from standard cost:
Operating expenses:
Total operating expenses
Other expense:
Unfavorable Favorable
$100,800
550,000
1,680
8
(560)
(1,120)
490
(210)
3,080
2,940
868,000
125,000
00 00

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