Cost of Goods Sold (at standard) Sales Revenue (at standard) Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Fixed Overhead Cost Variance $ 363,000 Direct Labor Efficiency Variance 17,500 F 560,000 Variable Overhead Efficiency Variance 3,600 U 11,700 F 73,000 7,400 U 2,300 U 44,000 U 2,200 F Fixed Overhead Volume Variance Selling and Administrative Expenses Variable Overhead Cost Variance 1,100 F Print Done Use the folowing information to prepare a standard cost income statement for Watson Company for 2018 (Use a m Click the icon to view the information ) Watson Company Standard Cost Income Statement For the Year Ended December 31, 2018 Gross Profit Gross Profit Operating Income Choose from any list or enter any number in the input fields and then continue to the next