D. Tarr Manufacturing gathered the following information for the year ended December 31:
Actual Standard
Sales $312,000 $312,000
Cost of Goods Sold 180,000
Direct materials variances:
Price variance 3,900 F
Efficiency variance 800 F
Direct labour variances:
Price variance 2,200 U
Efficiency variance 800 F
Overhead variances:
Flexible budget variance 1,850 F
Production volume variance 2,500 U
Selling and administrative expenses 74,000
Prepare a standard cost income statement for Freeport Enterprises for the year ended December 31.

Question

Quizplus · Accepted Answer

The Answer of D. Tarr Manufacturing gathered the following information for the year ended December 31:
Actual Standard
Sales $312,000 $312,000
Cost of Goods Sold 180,000
Direct materials variances:
Price variance 3,900 F
Efficiency variance 800 F
Direct labour variances:
Price variance 2,200 U
Efficiency variance 800 F
Overhead variances:
Flexible budget variance 1,850 F
Production volume variance 2,500 U
Selling and administrative expenses 74,000
Prepare a standard cost income statement for Freeport Enterprises for the year ended December 31.

D Tarr Manufacturing Gathered the Following Information for the Year