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Atlas Manufacturing Is Closing the Year 2012

question 49

Essay

Atlas Manufacturing is closing the year 2012. Atlas uses standard costing methodology in its accounting system and for internal performance reporting. Atlas's ending balances are shown here: $Atlas Manufacturing is closing the year 2012. Atlas uses standard costing methodology in its accounting system and for internal performance reporting. Atlas's ending balances are shown here: Using the format below, please prepare a statement of operating income. \begin{array} { | l | l | l | l | } \hline \text { Sales revenue (standard) } &\quad\quad & \quad\quad&\quad\quad \\ \hline \text { Sales revenue variance } & & & \\ \hline \text { Sales revenue (actual) } & & & \\ \hline \text { Cost of goods sold (standard) } & & & \\ \hline \text { Manufacturing variances } & & & \\ \hline \text { (Credit balances in parentheses) } & & & \\ \hline \text { Direct materials price variance } & & & \\ \hline \text { Direct materials efficiency variance } & & & \\ \hline \text { Direct labor price variance } & & & \\ \hline \text { Direct labor efficiency variance } & & & \\ \hline \text { Variable overhead spending variance } & & & \\ \hline \text { Variable overhead efficiency variance } & & & \\ \hline \text { Fixed overhead spending variance } & & & \\ \hline \text { Fixed overhead volume variance } & & & \\ \hline \text { Cost of goods sold (actual) } & & & \\ \hline \text { Gross profit } & & & \\ \hline \text { Selling \& admin. expenses } & & & \\ \hline \text { Net operating income/(loss) } & & & \\ \hline \end{array}$
Using the format below, please prepare a statement of operating income.
$\begin{array} { | l | l | l | l | } \hline \text { Sales revenue (standard) } &\quad\quad & \quad\quad&\quad\quad \\\hline \text { Sales revenue variance } & & & \\\hline \text { Sales revenue (actual) } & & & \\\hline \text { Cost of goods sold (standard) } & & & \\\hline \text { Manufacturing variances } & & & \\\hline \text { (Credit balances in parentheses) } & & & \\\hline \text { Direct materials price variance } & & & \\\hline \text { Direct materials efficiency variance } & & & \\\hline \text { Direct labor price variance } & & & \\\hline \text { Direct labor efficiency variance } & & & \\\hline \text { Variable overhead spending variance } & & & \\\hline \text { Variable overhead efficiency variance } & & & \\\hline \text { Fixed overhead spending variance } & & & \\\hline \text { Fixed overhead volume variance } & & & \\\hline \text { Cost of goods sold (actual) } & & & \\\hline \text { Gross profit } & & & \\\hline \text { Selling \& admin. expenses } & & & \\\hline \text { Net operating income/(loss) } & & & \\\hline\end{array}$

Definitions:

Hermann Ebbinghaus

A German psychologist famous for his pioneering work on the study of memory, including the forgetting curve and the spacing effect.

Replicate Work

The process of conducting an experiment or study again to verify its results or to ensure its reliability and accuracy.

Hippocampus

A part of the brain involved in memory formation and spatial navigation.

New Memories

Recently formed mental representations of past experiences that are stored in the brain, enabling individuals to recall and learn from those experiences.