E23-24 Preparing a standard cost income statement Le McCarthy Fender, which uses a standard cost system, manufactured 20,000 boat fend- ers during 2018. The 2018 revenue and cost information for McCarthy follows: GR Sales Revenue Cost of Goods Sold (at standard) Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance $ 1,300,000 196,800 7,150 F 5,950 U 400 U 530 F 650 U 360 F 2,350 U 4,410 U Assume each fender produced was sold for the standard price of S65, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2018 for McCarthy Fender