Exercise 15-16 Grouper 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 Labor price variance 900 U 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 GROUPER COMPANY Income Statement Click if you would like to Show Work for this question: Open Show Work