Carlos Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances: Materials price variance $1,130 U Materials quantity variance Labour price variance 820F 470U Labour quantity variance Overhead variance $820 U 780 U In addition, 7,200 units of product were sold at $7 per unit. Each unit sold had a standard cost of $4. Selling and administrative expenses were $7,200 for the month. Prepare an income statement for management for the month ended January 31, 2020. CARLOS COMPANY Income Statement For the Month Ended January 31, 2020 $