Standard cost system-disposition of variances
The cost of goods sold at standard cost for Field Company for 2009 amounted to $425,000 and was 60% of net sales. As of the end of 2009, the total of balances remaining in cost variance accounts was a net unfavorable cost variance of $8,000, which is not considered material.
(a) What is the amount shown in Field 's 2009 income statement for cost of goods sold? $________________
(b) What is the amount reported in Field 's 2009 income statement for gross profit on sales? $________________

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The Answer of Standard cost system-disposition of variances
The cost of goods sold at standard cost for Field Company for 2009 amounted to $425,000 and was 60% of net sales. As of the end of 2009, the total of balances remaining in cost variance accounts was a net unfavorable cost variance of $8,000, which is not considered material.
(a) What is the amount shown in Field 's 2009 income statement for cost of goods sold? $________________
(b) What is the amount reported in Field 's 2009 income statement for gross profit on sales? $________________

Standard Cost System-Disposition of Variances