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Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorabie variances. A colon () will automatically appear for you if it is required Instructions Venneman Company Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per Income Statement Through Gross Profit pound. The company produced 14,000 units that required 48,000 pounds, which were purchased at $5.40 per pound. The (Label) product also requires 4 standard hours per unit at a standard hourly rate of $12 per hour. The 14,000 units required 58,000 hours at an hourly rate of $11.85 per hour. In addition, the standard variable overhead cost per unit is $0.80 per hour and the actual variable factory overhead was $46, 100. Finally, the standard fixed overhead cost per unit is S0.95 per hour at 55,000 hours, which is 100% of normal capacity. Assume that Venneman sold 14,000 units at $165 per unit. Required: Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Unfavorable Favorable Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as 6 (Label) positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon () will automatically appear for you if it is required.

Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorabie variances. A colon () will automatically appear for you if it is required Instructions Venneman Company Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per Income Statement Through Gross Profit pound. The company produced 14,000 units that required 48,000 pounds, which were purchased at $5.40 per pound. The (Label) product also requires 4 standard hours per unit at a standard hourly rate of $12 per hour. The 14,000 units required 58,000 hours at an hourly rate of $11.85 per hour. In addition, the standard variable overhead cost per unit is $0.80 per hour and the actual variable factory overhead was $46, 100. Finally, the standard fixed overhead cost per unit is S0.95 per hour at 55,000 hours, which is 100% of normal capacity. Assume that Venneman sold 14,000 units at $165 per unit. Required: Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Unfavorable Favorable Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as 6 (Label) positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon () will automatically appear for you if it is required.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 49E: Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following...
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Income Statement Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon (:) will automatically appear for you if it is required. Instructions Venneman Company Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per Income Statement Through Gross Profit pound. The company produced 14,000 units that required 48,000 pounds, which were purchased at $5.40 per pound. The (Label) product also requires 4 standard hours per unit at a standard hourly rate of $12 per hour. The 14,000 units required 58,000 hours at an hourly rate of $11.85 per hour. In addition, the standard variable overhead cost per unit is $0.80 per 1 hour and the actual variable factory overhead was $46, 100. Finally, the standard fixed overhead cost per unit is $0.95 per 2 hour at 55,000 hours, which is 100% of normal capacity. Assume that Venneman sold 14,000 units at $165 per unit. Required: Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Unfavorable Favorable 5 Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as 6 (Label) positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon (:) will automatically appear for you if it is required. 8
Transcribed Image Text:Income Statement Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon (:) will automatically appear for you if it is required. Instructions Venneman Company Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per Income Statement Through Gross Profit pound. The company produced 14,000 units that required 48,000 pounds, which were purchased at $5.40 per pound. The (Label) product also requires 4 standard hours per unit at a standard hourly rate of $12 per hour. The 14,000 units required 58,000 hours at an hourly rate of $11.85 per hour. In addition, the standard variable overhead cost per unit is $0.80 per 1 hour and the actual variable factory overhead was $46, 100. Finally, the standard fixed overhead cost per unit is $0.95 per 2 hour at 55,000 hours, which is 100% of normal capacity. Assume that Venneman sold 14,000 units at $165 per unit. Required: Prepare an income statement through gross profit for Venneman Company for the month ended March 31. Unfavorable Favorable 5 Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as 6 (Label) positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon (:) will automatically appear for you if it is required. 8
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