Standard Cost System-Disposition of Variances

question 61

Essay

Standard cost system-disposition of variances
The cost of goods sold at standard cost for Field Company for 2018 amounted to $425,000 and was 60% of net sales.As of the end of 2018,the total of balances remaining in cost variance accounts was a net unfavorable cost variance of $8,000,which is not considered material.
(a)What is the amount shown in Field 's 2018 income statement for cost of goods sold? $________
(b)What is the amount reported in Field 's 2018 income statement for gross profit on sales? $________
(If required,round your answer to nearest whole dollar value. )

Acknowledge the role of conflict in stimulating divergent thinking in teams.

Understand the concept and disadvantages of production blocking in group brainstorming.

Learn how autonomy and freedom contribute to an environment that fosters creativity.

Understand the impact of brainstorming and nominal group techniques on creativity.

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