Reference no: EM132687160
Problem - Income Statement Indicating Standard Cost Variances
The following data were taken from the records of Gentry Company for December 2012:
Administrative expenses $72,000
Cost of goods sold (at standard) 390,000
Direct materials price variance-unfavorable 1,200
Direct materials quantity variance-favorable 400
Direct labor rate variance-favorable 800
Direct labor time variance-unfavorable 350
Variable factory overhead controllable variance-favorable 150
Fixed factory overhead volume variance-unfavorable 2,200
Interest expense 2,100
Sales 620,000
Selling expenses 92,300
Required - Make an income statement for presentation to management.
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Find what will the balance be on december
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