Great
Fender, which uses a standard cost system, manufactured

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Great			​Fender, which uses a standard cost​ system, manufactured				20,000		boat fenders during		2024.		The		2024		revenue and cost information for		Great		​follows:			1​(Click		the icon to view the revenue and cost​ information.)		Assume each fender produced was sold for the standard price of		$60​,		and total selling and administrative costs were		$450,000.		Prepare a standard cost income statement for		2024		for		Great		Fender. ​(Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive​ numbers.)																																															Great Fender																																																			Standard Cost Income Statement																																																			For the Year Ended December 31, 2024																																																			(1)																																																																																																																																						(2)																																																																																																																																						(3)																																																																																																																																											(4)																																																																																																																																																												(5)																																																																																																																																																												(6)																																																																																																																																																												(7)																																																																																																																																																												(8)																																																																																																																																																												(9)																																																																																																																																																												(10)																																																																																																																																																												(11)																																																																																																																																																												(12)																																																																																																																																						(13)																																																																																																																													Gross Profit																																																																																																																														(14)																																																																																																																													Operating Income (Loss)																																																																																																																																		1: Data Table																																													Sales Revenue																									$1,200,000																																							Cost of Goods Sold (at standard)																									199,200																																							Direct materials cost variance																									7,450 F																																							Direct materials efficiency variance																									5,850 U																																							Direct labor cost variance																									440 U																																							Direct labor efficiency variance																									590 F																																							Variable overhead cost variance																									690 U																																							Variable overhead efficiency variance																									750 F																																							Fixed overhead cost variance																									2,140 U																																							Fixed overhead volume variance																									4,710 U																																										(1)																																Cost of Goods Sold at actual																	Cost of Goods Sold at standard																	Direct Labor Cost Variance																									Direct Labor Efficiency Variance																	Direct Materials Cost Variance																	Direct Materials Efficiency Variance																	Fixed Overhead Cost Variance																									Fixed Overhead Volume Variance																	Manufacturing Cost Variances:																	Sales Revenue																	Selling and Administrative Expenses																									Total Manufacturing Cost Variances																	Variable Overhead Cost Variance																	Variable Overhead Efficiency Variance																(2)																																Cost of Goods Sold at actual																	Cost of Goods Sold at standard																	Direct Labor Cost Variance																									Direct Labor Efficiency Variance																	Direct Materials Cost Variance																	Direct Materials Efficiency Variance																	Fixed Overhead Cost Variance																									Fixed Overhead Volume Variance																	Manufacturing Cost Variances:																	Sales Revenue																	Selling and Administrative Expenses																									Total Manufacturing Cost Variances																	Variable Overhead Cost Variance																	Variable Overhead Efficiency Variance																																																									Cost of Goods Sold at actual														Cost of Goods Sold at standard											Direct Labor Cost Variance															Direct Labor Efficiency Variance											Direct Materials Cost Variance											Direct Materials Efficiency Variance											Fixed Overhead Cost Variance															Fixed Overhead Volume Variance											Manufacturing Cost Variances:											Sales Revenue											Selling and Administrative Expenses															Total Manufacturing Cost Variances											Variable Overhead Cost Variance											Variable Overhead Efficiency Variance																																																								Cost of Goods Sold at actual																	Cost of Goods Sold at standard																	Direct Labor Cost Variance																									Direct Labor Efficiency Variance																	Direct Materials Cost Variance																	Direct Materials Efficiency Variance																	Fixed Overhead Cost Variance																									Fixed Overhead Volume Variance																	Manufacturing Cost Variances:																	Sales Revenue																	Selling and Administrative Expenses																									Total Manufacturing Cost Variances																	Variable Overhead Cost Variance																	Variable Overhead Efficiency Variance																(10)																																Cost of Goods Sold at actual																	Cost of Goods Sold at standard																	Direct Labor Cost Variance																									Direct Labor Efficiency Variance																	Direct Materials Cost Variance																	Direct Materials Efficiency Variance																	Fixed Overhead Cost Variance																									Fixed Overhead Volume Variance																	Manufacturing Cost Variances:																	Sales Revenue																	Selling and Administrative Expenses																									Total Manufacturing Cost Variances																	Variable Overhead Cost Variance																	Variable Overhead Efficiency Variance																(11)																																Cost of Goods Sold at actual																	Cost of Goods Sold at standard																	Direct Labor Cost Variance																									Direct Labor Efficiency Variance																	Direct Materials Cost Variance																	Direct Materials Efficiency Variance																	Fixed Overhead Cost Variance																									Fixed Overhead Volume Variance																	Manufacturing Cost Variances:																	Sales Revenue																	Selling and Administrative Expenses																									Total Manufacturing Cost Variances																	Variable Overhead Cost Variance																	Variable Overhead Efficiency Variance

Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great follows: 1(Click the icon to view the revenue and...

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Great Fender
Standard Cost Income Statement
For the Year Ended December 31, 2024
(1)
(2)
(3)
	(4)
	(5)
	(6)
	(7)
	(8)
	(9)
	(10)
	(11)
	(12)
(13)
Gross Profit
(14)
Operating Income (Loss)

Sales Revenue	$1,200,000
Cost of Goods Sold (at standard)	199,200
Direct materials cost variance	7,450 F
Direct materials efficiency variance	5,850 U
Direct labor cost variance	440 U
Direct labor efficiency variance	590 F
Variable overhead cost variance	690 U
Variable overhead efficiency variance	750 F
Fixed overhead cost variance	2,140 U
Fixed overhead volume variance	4,710 U

Great ​Fender, which uses a standard cost​ system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great ​follows: 1​(Click the icon to view the revenue and...

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Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great follows: 1(Click the icon to view the revenue and...