Income statement indicating standard cost variances OBJ. 5 The following data were taken from the records of Griggs Company for December 2016:

Administrative expenses $100,800 Cost of goods sold (at standard) 550,000 Direct materials price variance—unfavorable 1,680 Direct materials quantity variance—favorable 560 Direct labor rate variance—favorable 1,120 Direct labor time variance—unfavorable 490 Variable factory overhead controllable variance—favorable 210 Fixed factory overhead volume variance—unfavorable 3,080 Interest expense 2,940 Sales 868,000 Selling expenses 125,000 Prepare an income statement for presentation to management.