Presented below is information for Pryor Company for the month of March 2014. 
Instructions
(a) Prepare an income statement.
(b) Compute the gross profit rate.
Definitions:
Standard Hours Allowed
The predetermined amount of time that should be required to complete a specific task or produce a certain amount of goods.
Direct Labour Hours
The total amount of time spent by workers directly involved in the production process, contributing to the manufacturing of a product.
Standard Wage Rate
The predetermined rate of pay for a specific task or job, often used in manufacturing to set baseline labor costs.
Total Material Variance
The difference between the actual material costs incurred and the expected (standard) costs, reflecting efficiency in material usage.
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