Exercise 25-16 Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing varlances. Materials price variance 1,370 U Labor quantity varlance $920 U Materials quantity varlance 750 F Overhead variance Labor price variance 710 U 490 U In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard cost of $3. Selling and administrative expenses were $8,470 for the month. Prepare an income statement for management for the month ended January 31, 2017. FISK COMPANY Income Statement