Grafton Corporation manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. Its standard cost per unit produced is $38.85. During the year, the company produced and sold 28,200 units at a price of $50.10 per unit and its selling and administrative expenses totaled $120,000. The company does not have any variable manufacturing overhead costs. It recorded the following variances during the year:
Required:Prepare an income statement for the year.
Definitions:
Western Values
A set of beliefs, customs, and practices originating from countries in the Western part of the world, often emphasizing democracy, freedom, and individual rights.
Personal Standards
Guidelines or principles set by individuals for their behavior and performance expectations.
Cultural Values
The principles and standards shared by a group, which shape behaviors, traditions, and norms within a society.
Corporate Crime
Illegal acts or omissions by a corporation or individuals acting on its behalf, which are detrimental to the public interest or the state.
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