Lake Company uses a standard cost accounting system. During March, 2011, the company reported the following manufacturing variances: 
In addition, 15,000 units of product were sold at $18 per unit. Each unit sold had a standard cost of $12. Selling and administrative expenses for the month were $10,000.
Instructions
Prepare an income statement for management for the month ending March 31, 2011.
Definitions:
Symbolic Gesture
An action performed to convey a specific message or sentiment without the use of words.
Telegraphic Speech
A child’s first word combinations, which omit (as a telegram did) unnecessary words.
Universal Grammar
A theory in linguistics suggesting that the ability to acquire language is innate to humans and that all languages share a common underlying structure.
Noam Chomsky
An American linguist, philosopher, cognitive scientist, and political activist known for his theory of generative grammar and critique of behaviorism.
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