Acc349 Managerial Accounting: E11-16 Winters Company uses a standard cost system

Acc349 Managerial Accounting
E11-16
Winters Company uses a standard cost system. During January, the company reported the following manufacturing variances. Materials price variance $1,250 U Labor quantity variance $ 725 U Materials quantity variance $700 F Overhead variance $800 U Labor price variance $525 U In addition, 8,000 units of product were sold at $8.00 per unit. Each unit sold had a standard cost of $6.00. Selling and administrative expenses were $6,000 for the month.

Instructions:
Prepare an income statement for management for the month ended January 31, 2011. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. For favorable variance use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Enter all other amounts as positive amounts and subtract where necessary.)
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