Exercise 11-16 Winters Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Labor quantity variance $725U 800 525 In addition, 8,000 units of product were sold at $8.00 per unit. Each unit sold had a standard cost of $6.00. Selling and administrative expenses were $6,000 for the month. Instructions Prepare an income statement for management for the month ended January 31, 2011. Income StatementSalesCost of goods sold (at standard)Gross Profit (at standard)VariancesMaterial priceLabour quantityMaterial quantity varianceOverhead VarianceLabour price varianceTotal…
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