Palmer Productions Uses a Standard Cost System Prepare a Multi-Step,standard Cost Income Statement

question 87

Essay

Palmer Productions uses a standard cost system.On December 31,the account balances include the following:
Sales Revenues: $750,000
Cost of Goods Sold (standard costing): $400,500
Selling & Administrative expenses: $150,000
Variances:
$$\begin{array} { | l | r | c | } \hline \text { Sales revenue variance } & \$ 6,000 & \text { F } \\\hline \text { Direct materials cost variance } & 400 & \text { U } \\\hline \text { Direct materials efficiency variance } & 375 & \text { F } \\\hline \text { Direct labor cost variance } & 675 & \text { U } \\\hline \text { Direct labor efficiency variance } & 150 & \text { F } \\\hline \text { Variable overhead cost variance } & 250 & \text { U } \\\hline \text { Variable overhead efficiency variance } & 800 & \text { F } \\\hline \text { Fixed overhead cost variance } & 420 & \text { U } \\\hline \text { Fixed overhead volume variance } & 100 & \text { F } \\\hline\end{array}$$ Prepare a multi-step,standard cost income statement.

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Definitions:

Action Verbs

Verbs that express specific, dynamic actions, often used in resumes and professional writing to convey effective execution of tasks.

Short, Concrete Nouns

Brief, specific words that name tangible objects, people, or places.

Gerund

A form that is derived from a verb but functions as a noun in a sentence, typically ending in "ing" in English.

Distributing

The act of sharing or spreading something among multiple recipients.