Caterlebe Productions Uses a Standard Costing System Calculate the Standard Net Operating Income

question 42

Essay

Caterlebe Productions uses a standard costing system. At the end of 2015, the following details are found in their books.
Sales Revenues: $750,000
Cost of Goods Sold (standard costing): $400,500
Marketing & Admin expenses: $150,000
Variances:
$$\begin{array} { | l | r | l | } \hline \text { Sales Revenue } & \$ 6,000 & \text { F } \\\hline \text { Direct Materials Cost Variance } & 400 & \text { U } \\\hline \text { Direct Materials Efficiency Variance } & 375 & \text { F } \\\hline \text { Direct Labor Cost Variance } & 675 & \text { U } \\\hline \text { Direct Labor Efficiency Variance } & 150 & \text { F } \\\hline \text { Variable Overhead Cost Variance } & 250 & \text { U } \\\hline \text { Variable Overhead Efficiency Variance } & 800 & \text { F } \\\hline \text { Fixed Overhead Cost Variance } & 420 & \text { U } \\\hline \text { Fixed Overhead Volume Variance } & 100 & \text { F } \\\hline\end{array}$$ Calculate the standard net operating income.

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Definitions:

U.S. Prices

Pertains to the cost of goods and services within the United States, which can be influenced by factors like inflation, demand, and economic policies.

1990s

The decade spanning from January 1, 1990, to December 31, 1999, characterized by significant global political, technological, and cultural changes.

1970s

The decade spanning from 1970 to 1979, marked by significant political, social, and technological changes worldwide.

Quantity of Money

The total amount of money available in the economy, comprising various forms of currency and bank deposits.