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