Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.

Materials price variance

$1,280

U

Labor quantity variance

$920

U

Materials quantity variance

740

F

Overhead variance

900

U

Labor price variance

420

U

In addition,8,170units of product were sold at $7per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,080for the month.

an income statement for management for the month ended January 31, 2017.

FISK COMPANY

Income Statement

For the Month Ended January 31, 2017

For the Year Ended January 31, 2017

January 31, 2017