Prepare an income statement for management. (Ignore income taxes.) (Round answer

Question

Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 125.) AYALA CORPORATION Income Statement For the Month Ended June 30, 2014 Sales Revenue Cost of Goods Sold (at standard) Gross Profit (at standard) Variances Materials Price Materials Quantity Labor Price 7992U Labor Quantity 4464F Overhead 3090 | F Total Variance Gross Profit (actual) Selling and Administrative Expenses 35,500 Net Income/ (Loss) Click if you would like to Show Work for this question

Explanation / Answer

AYLA CORPORATION Income statement For the month ended June 30, 2014 $ $ Sales Revenue 4,95,000 Cost of goods sold (WN 1) 4,40,313 Gross profit      54,687 Varainces Material price            1,243 U Materials quantity            2,514 U Labour price            7,992 U Labour quantity            4,464 F Overhead            3,090 F Total Variance         4,195 U Gross profit (actual)      50,492 Selling and administrative expenses      35,500 Net income / (Loss)      14,992 WN 1 Cost of goods sold (standard) $   Raw material (4.19*11300)         47,347 Direct labour ($169,632/15200)*14800      1,65,168 Manufacturing overhead      2,27,798 Total      4,40,313

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