Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances Materials price variance $1,200 U Labor quantity variance $750 U Materials quantity variance 700 F Overhead variance 700 U Labor price variance 400 U In addition, 8,000 units of product were sold at $7 per unit. Each unit sold had a standard cost of $3. Selling and administrative expenses were $7,000 for the month. Prepare an income statement for management for the month ended January 31, 2020. FISK COMPANY Income Statement For the Month Ended January 31, 2020 Materials Price Variance Materials Quantity Variance Gross Profit (at Standard) V Variances Materials Price Variance Favorable Materials Quantity Variance Favorable Labor Price Variance DONDO Favorable Labor Quantity Variance Favorable Overhead Variance Favorable Total Variance Favorable Gross Profit (Actual) V