The following data were taken from the records of Gentry Company for December 2012:
Administrative expenses..............................................................$ 72,000
Cost of goods sold (at standard)..................................................390,000
Direct materials price variance—unfavorable................................1,200
Direct materials quantity variance—favorable..................................400
Direct labor rate variance—favorable.................................................800
Direct labor time variance—unfavorable............................................350
Variable factory overhead controllable variance—favorable...........150
Fixed factory overhead volume variance—unfavorable................2,200
Interest expense.................................................................................2,100
Sales.................................................................................................620,000
Selling expenses...............................................................................92,300
Prepare an income statement for presentation to management.