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

In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,000 for the month.

Instructions

Prepare an income statement for management for the month ended January 31, 2017.

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Materials price variance Materials quantity variance Labor price variance $1,200 U Labor quantity variance Overhead variance $750 U 800 F 800 U 550 U