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Prepare an income statement for management for the month end

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Reference no: EM13887977

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

Materials price variance

$1,200 U

Labor quantity variance

$750 U

Materials quantity variance

800 F

Overhead variance

800 U

Labor price variance

550 U

In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,000 for the month.

Instructions

Prepare an income statement for management for the month ended January 31, 2014.

Reference no: EM13887977

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