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Prepare an income statement for the year ended December 31, 2012

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Prepare an income statement for the year ended December 31, 2012, through gross profit for Aframe Company using the following information. Assume Aframe Company sold 1,400 units at $111 per unit. (Note: Normal production is 9,000 units);Standard: 7 yards per unit @ $6.90 per yard Actual yards used: 9,700 yards @ $5.40 per yard;Standard: 2 hours per unit @ $12.00 Actual hours worked: 2,770 @ $11.95 per hour;Standard: Variable overhead $2.95 per unit;Standard: Fixed overhead $1.15 Actual total factory overhead $3,250;(budgeted and actual amount)

 

Paper#20839 | Written in 18-Jul-2015

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