Standard cost system-disposition of variances The cost of goods sold at standard cost for Field...
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Accounting
Standard cost system-disposition of variances The cost of goods sold at standard cost for Field Company for 2015 amounted to $425,000 and was 60% of net sales. As of the end of 2015, 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 2015 income statement for cost of goods sold? $_______________ (b) What is the amount reported in Field 's 2015 income statement for gross profit on sales? $_______________
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