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LUM 10. Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Best follows: (Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $55, and total selling and administrative costs were $200,000. Prepare a standard cost income statement for 2024 for Best Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Best Fender Standard Cost Income Statement For the Year Ended December 31, 2024 (1) (2) (3) (4) (5) (6) (7) (8) (10) (11) (12) (13) Gross Profit |(14) Operating Income (Loss) Data Table Sales Revenue $ Cost of Goods Sold (at standard) 1,100,000 197,100 7,650 F 5,350 U Direct materials cost variance Direct materials efficiency variance Direct labor cost variance 450 U 540 F Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance 940 U 450 F Fixed overhead cost variance 2,910 U 4,790 U Fixed overhead volume variance (1) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance Fixed Overhead Volume Variance O Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue O Variable Overhead Efficiency Variance O Selling and Administrative Expenses (2) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance O Fixed Overhead Volume Variance O Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue O Variable Overhead Efficiency Variance O Selling and Administrative Expenses (3) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance O Fixed Overhead Volume Variance O Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue O Variable Overhead Efficiency Variance O Selling and Administrative Expenses emprod.pearsoncmg.com/api/vl/print (4) O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance O Fixed Overhead Volume Variance Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue O Variable Overhead Efficiency Variance O Selling and Administrative Expenses (5) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance O Fixed Overhead Volume Variance Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue O Variable Overhead Efficiency Variance Selling and Administrative Expenses (6) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance O Fixed Overhead Volume Variance O Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue O Variable Overhead Efficiency Variance O Selling and Administrative Expenses (7) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance Direct Labor Cost Variance O Fixed Overhead Cost Variance O Fixed Overhead Volume Variance Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance O Sales Revenue Variable Overhead Efficiency Variance O Selling and Administrative Expenses (8) O O Direct Labor Efficiency Variance O Cost of Goods Sold at actual O Direct Materials Cost Variance O Cost of Goods Sold at standard O Direct Materials Efficiency Variance O Direct Labor Cost Variance O Fixed Overhead Cost Variance Fixed Overhead Volume Variance O Total Manufacturing Cost Variances O Manufacturing Cost Variances: O Variable Overhead Cost Variance Sales Revenue O Variable Overhead Efficiency Variance O Selling and Administrative Expenses (9) O O Cost of Goods Sold at actual O Cost of Goods Sold at standard O Direct Labor Cost Variance O Fixed Overhead Volume Variance O Manufacturing Cost Variances: O Sales Revenue O Selling and Administrative Expenses Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Total Manufacturing Cost Variances O Variable Overhead Cost Variance O Variable Overhead Efficiency Variance (10) O O Cost of Goods Sold at actual O Cost of Goods Sold at standard O Direct Labor Cost Variance Fixed Overhead Volume Variance O Manufacturing Cost Variances: O Sales Revenue O Selling and Administrative Expenses O Direct Labor Efficiency Variance O Direct Materials Cost Variance O Direct Materials Efficiency Variance Fixed Overhead Cost Variance Total Manufacturing Cost Variances O Variable Overhead Cost Variance O Variable Overhead Efficiency Variance (11) O Cost of Goods Sold at actual O Cost of Goods Sold at standard O Direct Labor Cost Variance Fixed Overhead Volume Variance O Manufacturing Cost Variances: O Sales Revenue O Selling and Administrative Expenses O Direct Labor Efficiency Variance O Direct Materials Cost Varianc O Direct Materials Efficiency Variance O Fixed Overhead Cost Variance O Total Manufacturing Cost Variances O Variable Overhead Cost Variance O Variable Overhead Efficiency Variance (12) O O Cost of Goods Sold at actual O Cost of Goods Sold at standard Direct Labor Cost Variance O Fixed Overhead Volume Variance O Manufacturing Cost Variances: O Sales Revenue O Selling and Administrative Expenses O Direct Labor Efficiency Variance O Direct Materials Cost Variance O Direct Materials Efficiency Variance Fixed Overhead Cost Variance O Total Manufacturing Cost Variances O Variable Overhead Cost Variance O Variable Overhead Efficiency Variance (13) O O Cost of Goods Sold at actual O Cost of Goods Sold at standard O Direct Labor Cost Variance O Fixed Overhead Volume Variance O Manufacturing Cost Variances: O Sales Revenue O Selling and Administrative Expenses O Direct Labor Efficiency Variance O Direct Materials Cost Variance O Direct Materials Efficiency Variance O Fixed Overhead Cost Variance Total Manufacturing Cost Variances Variable Overhead Cost Variance O Variable Overhead Efficiency Variance (14) O O Cost of Goods Sold at actual O Cost of Goods Sold at standard O Direct Labor Cost Variance O Fixed Overhead Volume Variance O Manufacturing Cost Variances: O Sales Revenue O Selling and Administrative Expenses Direct Labor Efficiency Variance O Direct Materials Cost Variance O Direct Materials Efficiency Variance Fixed Overhead Cost Variance O Total Manufacturing Cost Variances O Variable Overhead Cost Variance O Variable Overhead Efficiency Variance

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