Atlas Manufacturing is closing the year 2012. Atlas uses standard costing methodology in its accounting system and for internal performance reporting. Atlas's ending balances are shown here: $Atlas Manufacturing is closing the year 2012. Atlas uses standard costing methodology in its accounting system and for internal performance reporting. Atlas's ending balances are shown here: Using the format below, please prepare a statement of operating income. \begin{array} { | l | l | l | l | } \hline \text { Sales revenue (standard) } &\quad\quad & \quad\quad&\quad\quad \\ \hline \text { Sales revenue variance } & & & \\ \hline \text { Sales revenue (actual) } & & & \\ \hline \text { Cost of goods sold (standard) } & & & \\ \hline \text { Manufacturing variances } & & & \\ \hline \text { (Credit balances in parentheses) } & & & \\ \hline \text { Direct materials price variance } & & & \\ \hline \text { Direct materials efficiency variance } & & & \\ \hline \text { Direct labor price variance } & & & \\ \hline \text { Direct labor efficiency variance } & & & \\ \hline \text { Variable overhead spending variance } & & & \\ \hline \text { Variable overhead efficiency variance } & & & \\ \hline \text { Fixed overhead spending variance } & & & \\ \hline \text { Fixed overhead volume variance } & & & \\ \hline \text { Cost of goods sold (actual) } & & & \\ \hline \text { Gross profit } & & & \\ \hline \text { Selling \& admin. expenses } & & & \\ \hline \text { Net operating income/(loss) } & & & \\ \hline \end{array}$
Using the format below, please prepare a statement of operating income.

\begin{array} { | l | l | l | l | } \hline \text { Sales revenue (standard) } &\quad\quad & \quad\quad&\quad\quad \\\hline \text { Sales revenue variance } & & & \\\hline \text { Sales revenue (actual) } & & & \\\hline \text { Cost of goods sold (standard) } & & & \\\hline \text { Manufacturing variances } & & & \\\hline \text { (Credit balances in parentheses) } & & & \\\hline \text { Direct materials price variance } & & & \\\hline \text { Direct materials efficiency variance } & & & \\\hline \text { Direct labor price variance } & & & \\\hline \text { Direct labor efficiency variance } & & & \\\hline \text { Variable overhead spending variance } & & & \\\hline \text { Variable overhead efficiency variance } & & & \\\hline \text { Fixed overhead spending variance } & & & \\\hline \text { Fixed overhead volume variance } & & & \\\hline \text { Cost of goods sold (actual) } & & & \\\hline \text { Gross profit } & & & \\\hline \text { Selling \& admin. expenses } & & & \\\hline \text { Net operating income/(loss) } & & & \\\hline\end{array}

The Carolina Products Company Has Just Completed a Flexible Budget

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