Chapter 23, Problem S23.14SE

Preparing a standard cost income statement
Learning Objective 6

Use the following information to prepare a standard cost income statement for Mitchell Company for 2018.

Cost of Goods Sold (at standard)	$366,000	Direct Labor Efficiency Variance	$19,500 F
Sales Revenue (at standard)	$70,000	Variable Overhead Efficiency Variance	3,300 U
Direct Materials Cost Variance	7,200 U	Fixed Overhead Volume Variance	12,500 F
Direct Materials Efficiency Variance	2,700 U	Selling and Administrative Expenses	71,000
Direct Labor Cost Variance	42,000 U	Variable Overhead Cost Variance	1,700 F
Fixed Overhead Cost Variance	2,100 F