Freeport Enterprises gathered the following information for the year ended December 31, 2009:

Actual Standard

Sales $315,000 $315,000

Cost of Goods Sold 192,000

Direct materials variances:

Price variance 3,150 F

Efficiency variance 900 F

Direct labor variances:

Price variance 2,400 U

Efficiency variance 750 F

Overhead variances:

Flexible budget variance 1,700 F

Production volume variance 2,350 U

Selling and administrative expenses 75,500

Prepare a standard cost income statement for Freeport Enterprises for the year ended December 31, 2009.