Carlos Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances:

In addition, 6,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $6. Selling and administrative expenses were $6,500 for the month.
Instructions
Prepare an income statement for management for the month ending January 31, 2012.

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Materials price variance Materials quantity variance Labour price variance $2,250 U 700 F 525 U Labour quantity variance Overhead variance 725 U 500 U