Pepper Industries Uses a Standard Cost Accounting System In Addition 15000 Units of Product Were Sold at $18

question 124

Essay

Pepper Industries uses a standard cost accounting system. During March 2016 the company reported the following manufacturing variances: $\begin{array}{lrl}\text { Materials price variance }&\$ 1,600 \mathrm{~F}\\\text { Materials quantity variance } & 2,400 \mathrm{U} \\\text { Labor price variance } & 600 \mathrm{U} \\\text { Labor quantity variance } & 2,200 \mathrm{U} \\\text { Overhead controllable } & 500 \mathrm{~F} \\\text { Overhead volume } & 3,000 \mathrm{U}\end{array}$ In addition 15000 units of product were sold at $18 per unit. Each unit sold had a standard cost of $14. Selling and administrative expenses for the month were $15000.
Instructions
Prepare an income statement for management for the month ending March 31 2016.

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Definitions:

Procurement

The process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often involving tendering or competitive bidding.

Social CRM

The use of social media technology and services to enable organizations to engage their customers in a collaborative conversation in order to provide mutually beneficial value in a trusted and transparent manner.

Social Media Technology

The technologies that enable the creation, sharing, and exchange of information and ideas in virtual communities and networks.

Collaborative Conversation

A dialogue where two or more parties work together towards a common goal, sharing information and ideas.