Elegance is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) (Click the icon to view the actual results.) Prepare a standard cost income statement for the company's management. Assume that sales were $736,000 and actual marketing and administrative expenses were $79,000. (Use a minus sign or parentheses for favorable variances.) (Click the icon to view related variances.) Elegance Standard Cost Income Statement Month Ended Manufacturing cost variances: U/F Data table 15 pounds per pot at a cost of $6.00 per Direct materials (resin) pound Direct labor 3.0 hours at a cost of $18.00 per hour Standard variable manufacturing overhead rate $2.00 per direct labor hour Budgeted fixed manufacturing overhead $22,000 Standard fixed MOH rate $5.00 per direct labor hour (DLH) Elegance allocates manufacturing overhead to production based on standard direct labor hours. The cost of goods sold at standard cost totaled $264,000. Print Done Data table Last month, the company reported the following actual results for the production of 1,600 flower pots: Purchased 24,980 pounds at a cost of $6.30 per pound; Direct materials used 24,480 pounds to produce 1,600 pots Worked 3.5 hours per flower pot (5,600 total DLH) at a Direct labor cost of $17.00 per hour Actual variable manufacturing $2.50 per direct labor hour for total actual variable overhead manufacturing overhead of $14,000 Actual fixed manufacturing overhead $21,600 Standard fixed manufacturing overhead allocated based on actual production $24,000 Print Done Data table Direct materials price variance Direct materials quantity variance $ 7,494 U $2,880 U Direct labor rate variance Direct labor efficiency variance $5,600 F $14,400 U Variable MOH rate variance Variable MOH efficiency variance Fixed MOH budget variance Fixed MOH volume variance $2,800 U $1,600 U $400 F $2,000 F Print Done