Exercise 15-16 Monty Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances Materials price variance $1.290 U Labor quantity variance $910 U Materials quantity variance 730 F Overhead variance 830 U Labor price variance 440 U In addition, 8,490 units of product were sold at $9 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $7,580 for the month. Prepare an income statement for management for the month ended January 31, 2017