Exercise 11-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances Materials price variance $1,330 U Labor quantity variance $920 U Materials quantity variance 790 F Overhead variance Labor price variance 760 U 500 U In addition, 8,310 units of product were sold at $7 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $7,780 for the month. Prepare an income statement for management for the month ended January 31, 2020