day of the accounting period, the account balances include the following: Sales Revenue (Standard) 150,000 Sales Revenue Variance 4,000 Cost of Goods Sold (standard) 78,000 Selling and Admin. Expenses 60,000 Direct Materials Eficiency Variance 25 Direct Labor Efficiency Variance 70 Direct Materials Cost Variance 300 Direct Labor Cost Variance 800 Variable Overhead Cost Variable Overhead Fied Overhead Cost Fied Overhead Volume Variance 200 Effciency Variance 800 Variance 90 Variance 15 Prepare a multi-step, standard cost income statement. (14 Points)