Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Best follows:(Click the icon to view the revenue and cost information.)Assume each fender produced was sold for the standard price of $70, and total selling and administrative costs were $550,000. Prepare a standard cost income statement for 2024 for BestFender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)Gross ProfitDest renverStandard Cost Income StatementFor the Year Ended December 31, 2024Show Transcribed TextSales RevenueCost of Goods Sold (at standard)Direct materials cost varianceDirect materials efficiency varianceDirect labor cost varianceDirect labor efficiency varianceVariable overhead cost varianceVariable overhead efficiency varianceFixed overhead cost varianceFixed overhead volume variance$ 1,400,000197,1007,050 F5,850 U460 U570 F850 U400 F2,680 U4,560 U

The company's financial performance over a specific time period is explained in the income…

sume each fender produced was sold for the standard price of $70, and total selling and administrative costs were $550,000. Prepare a standard cost income statement for ender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)

sume each fender produced was sold for the standard price of $70, and total selling and administrative costs were $550,000. Prepare a standard cost income statement for ender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 9EA: The cost data for Evencoat Paint for the year 2019 is as follows: Using the high-low method, express...

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Question

Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Best follows:
(Click the icon to view the revenue and cost information.)
Assume each fender produced was sold for the standard price of $70, and total selling and administrative costs were $550,000. Prepare a standard cost income statement for 2024 for Best
Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)
Gross Profit
Dest renver
Standard Cost Income Statement
For the Year Ended December 31, 2024
Show Transcribed Text
Sales Revenue
Cost of Goods Sold (at standard)
Direct materials cost variance
Direct materials efficiency variance
Direct labor cost variance
Direct labor efficiency variance
Variable overhead cost variance
Variable overhead efficiency variance
Fixed overhead cost variance
Fixed overhead volume variance
$ 1,400,000
197,100
7,050 F
5,850 U
460 U
570 F
850 U
400 F
2,680 U
4,560 U

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