Whispering Winds Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances: Materials price variance Materials quantity variance Labour price variance $1,410 U 850 F 400 U Labour quantity variance Overhead variance $800 U 770 U In addition, 7,100 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $7,300 for the month. Prepare an income statement for management for the month ended January 31, 2022.

Whispering Winds Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances: Materials price variance Materials quantity variance Labour price variance $1,410 U 850 F 400 U Labour quantity variance Overhead variance $800 U 770 U In addition, 7,100 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $7,300 for the month. Prepare an income statement for management for the month ended January 31, 2022.

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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