Exercise 11-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,390 U Labor quantity variance $820 U Materials quantity variance 710 F Overhead variance Labor price variance 770 U 460 U In addition, 8,450 units of product were sold at $9 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,450 for the month Prepare an income statement for management for the month ended January 31, 2020