2 - Greenway Manufacturing Company (GMC) uses a standard cost system to track costs through its manufacturing process. TASK: Use the ledger data in that table below to prepare an INCOME STATEMENT (through income before income tax) so that GMC's production managers can see how variances from standards affected GMC's operating income for November, 2020. 38 39 40 41 42 43 44 45 46 GMC ledger account balances @ 11/30/2020 Administrative expenses Cost of goods sold (at standard) Direct materials quantity variance Direct materials price variance Direct labor time variance Direct labor rate variance Factory overhead volume variance Factory overhead controllable variance Sales Selling expenses debit (credit) $73,500 470,000 (1,200) (2,400) 900 (500) 10,000 (1,500) (950,000) 165,800 47 48 49