(Answered) Exercise - winters company uses a standard cost accounting

Accounting

Exercise - Winters Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.

Materials price variance $1,250U Labor quantity variance $725U

Materials quantity variance 700F Overhead variance 800

Labor price variance 525

In addition, 8,000 units of product were sold at $8.00 per unit. Each unit sold had a standard cost of $6.00. Selling and administrative expenses were $6,000 for the month.

Instructions - Prepare an income statement for management for the month ended January 31, 2011.

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