Exercise 11-16

Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.

Materials price variance		$1,280	U		Labor quantity variance		$920	U
Materials quantity variance		740	F		Overhead variance		900	U
Labor price variance		420	U

In addition, 8,170 units of product were sold at $7 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,080 for the month. Prepare an income statement for management for the month ended January 31, 2017.