Exercise 11-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,230 U Labor quantity variance $770 U Materials quantity variance 780 F Overhead variance 700 U Labor price variance 540 U In addition, 8,650 units of product were sold at $8 per unit. Each unit sold had a standard cost of $3. Selling and administrative expenses were $7,040 for the month. Prepare an income statement for management for the month ended January 31, 2020. FISK COMPANY Income Statement $ $ $ Click if you would like to Show Work for this question: Open Show Work