## Answers

McKnight | |||

Standard Cost Income Statement | |||

For the Month Ended July 31, 2018 | |||

Sales revenue (62800 x $3) | 188400 | ||

Cost of goods sold at standard (62800 x $0.98) | 61544 | ||

Manufacturing cost variances: | |||

Direct materials cost variance | -800 | ||

Direct materials efficiency variance | -640 | ||

Direct labor cost variance | 6030 | ||

Direct labor efficiency variance | 1260 | ||

Variable overhead cost variance | -3015 | ||

Variable overhead efficiency variance | 756 | ||

Fixed overhead cost variance | 4310 | ||

Fixed overhead volume variance | -1215 | ||

Total manufacturing variances | 6686 | ||

Cost of goods sold at actual | 68230 | ||

Gross profit | 120170 | ||

Selling and administrative expenses | 108000 | ||

Operating income (loss) | 12170 |

Note: Favorable variances are deducted while unfavorable variances are added to the standard cost of goods sold to arrive at the actual cost of goods sold.

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