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

Question:

Materials price variance $1,200 U Labor quantity variance $750 U Materials quantity variance 800 F Overhead variance 800 U Labor price variance 550 U 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, 2014.

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