Fisk 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, 2020.

FISK COMPANY Income Statement For the Year Ended January 31, 2020January 31, 2020For the Month Ended January 31, 2020

$

DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances

DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances

$

FavorableUnfavorableNeither favorable nor unfavorable

FavorableUnfavorableNeither favorable nor unfavorable

FavorableUnfavorableNeither favorable nor unfavorable

FavorableUnfavorableNeither favorable nor unfavorable

FavorableUnfavorableNeither favorable nor unfavorable

DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances

FavorableUnfavorableNeither favorable nor unfavorable

DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances

DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances

$