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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