Exercise 9B-1 Standard Cost Flows; Income Statement Preparation (LO9-8) Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $143 per unit. Its standard cost per unit produced is $113 and its selling and administrative expenses totaled $239,000. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year Materials price variance Materials quantity variance Laborrate variance Labor efficiency variance Fived overhead budget var lance Fixed overhead volume variance $ 7,300F $11.000 U 54, NU $ 5.200 F $ 3,300 $12.00 Required: 1 When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year