EM6-24 (similar to) Question Help Great Fender, which uses a standard cost system, manufactured 20,000...
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EM6-24 (similar to) Question Help Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great follows: F: (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 $600,000. Prepare a standard cost income statement for 2024 for Great Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Great Fender Standard Cost Income Statement For the Year Ended December 31, 2024 Data Table $ Sales Revenue Cost of Goods Sold (at standard) Direct materials cost variance 1,400,000 197,100 7,550 F 5,960 U 450 V 560 F 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 950 U 420 F 2.950 U 4,810 U Gross Profit Print Done Operating Income (Loss)
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