Lake Company uses a standard cost accounting system. During March, 2011, the company reported the following manufacturing variances:
In addition, 15,000 units of product were sold at $18 per unit. Each unit sold had a standard cost of $12. Selling and administrative expenses for the month were $10,000.
Instructions
Prepare an income statement for management for the month ending March 31, 2011.

Question

Lake Company uses a standard cost accounting system. During March, 2011, the company reported the following manufacturing variances:  
In addition, 15,000 units of product were sold at $18 per unit. Each unit sold had a standard cost of $12. Selling and administrative expenses for the month were $10,000.
Instructions
Prepare an income statement for management for the month ending March 31, 2011.

Quizplus · Accepted Answer

The Answer of Lake Company uses a standard cost accounting system. During March, 2011, the company reported the following manufacturing variances:  
In addition, 15,000 units of product were sold at $18 per unit. Each unit sold had a standard cost of $12. Selling and administrative expenses for the month were $10,000.
Instructions
Prepare an income statement for management for the month ending March 31, 2011.

Lake Company Uses a Standard Cost Accounting System