The following data were taken from the records of Griggs Company for December: ...
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Accounting
- The following data were taken from the records of Griggs Company for December:
| Cost Category | Dollar Amount |
| Administrative expenses | $110,000 |
| Cost of goods sold at standard | 540,000 |
| Direct materials price variance (unfavorable) | 1,650 |
| Direct materials quantity variance (favorable) | (540) |
| Direct labor rate variance (favorable) | (1,120) |
| Direct labor time variance (unfavorable) | 420 |
| Variable factory overhead controllable variance (favorable) | (210) |
| Fixed factory overhead volume variance (unfavorable) | 3,080 |
| Interest expense | 2,070 |
| Sales | 869,000 |
| Selling expenses | 125,000 |
Prepare an income statement for presentation to management.
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