Phap Company uses a standard cost system. During January, the - 10509

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yousafbhutta

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Request Description

 

Phap Company uses a standard cost system. During January, the company reported the following manufacturing variances.

 

Materials price variance

$1,281 U

 

Labor quantity variance

$ 737 U

Materials quantity variance

635 F

 

Overhead controllable

196 F

Labor price variance

485 U

 

Overhead volume

1,018 U

 

In addition, 8,939 units of product were sold at $8 per unit. Each unit sold had a standard cost of $6. Selling and administrative expenses were $5,700 for the month.

 

Instructions

 

Prepare an income statement for management for the month ended January 31, 2012. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

 

 

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AE25 2nd Questi...