Homework Answers
ANSWER:
BARSELONA INC.
income statement for the month ended march 31,2020
| Sales | $46,230 | |
| Cost of goods sold (at standard) | $23,420 | |
| Gross profit (at standard) | $22,810 | |
| Variances | ||
| Material price variance | 3,330 U | |
| Labor quantity variance | 925 U | |
| Material quantity variance | 930 F | |
| Overhead variance | 655 U | |
| Labor price variance | 575 U | |
| Total variance | 4,555 U | |
| Gross profit (actual) | 18,255 | |
| Selling and administrative expense | 15,720 | |
| Operating income | 2,535 | |
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Pepper Industries uses a standard cost accounting system. During
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Materials price variance
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F
Materials quantity variance
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U
Labor price variance
600
U
Labor quantity variance
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Overhead controllable
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Overhead volume
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Standard
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Direct labor hours
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15,200
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