Exercise 10B-1 (Algo) Standard Cost Flows; Income Statement Preparation [LO10-5] Forsyth Company manufactures one product it does not maintain any beginning or ending inventories, and its uses a-standard cos system. Buring the year, the company produced and sold 10,000 units at a price of $145 per unit its standard cost per unit produce $115 and its seling and administrative expenses totaled $240,000. Forsyth does not have any variable manufacturing overhead cos and it recorded the following vationces during the year: Required: 1. When Forsyth closes its standard cost variances, the cost-of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the yoar. Complete this question by entering your answers in the tabs below. When forsyth closis its itandard cost varances, the cost of goods sold will increase (deciease) by how much? Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income-statement for the year Complete this question by entering your answers in the tabs below. Prepare an income statemerit for the year