Exercise 11-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,220 U Labor quantity variance $880 U Materials quantity variance 720 F Overhead variance 730 U Labor price variance 400 U In addition, 8,810 units of product were sold at $9 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,190 for the month. Prepare an income statement for management for the month ended January 31, 2020. FISK COMPANY Income Statement $ $ Exercise 11-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,220 U Labor quantity variance $880 U Materials quantity variance 720 F Overhead variance 730 U Labor price variance 400 U In addition, 8,810 units of product were sold at $9 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,190 for the month. Prepare an income statement for management for the month ended January 31, 2020. FISK COMPANY Income Statement $ $