Grand Fender Standard Cost Income Statement For the Year Ended December 31, 2024 Data table Sales Revenue $ 1,400,000 199 200 7,350 F 5,450 U 450 U Cost of Goods Sold (at standard) Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance 500 F 740 U 420 F 2,950 U 4.790 U Gross Profit Print Done Operating Income (Loss) Grand Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Grand follows: (Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $70, and total selling and administrative costs were $550,000. Prepare a standard cost income statement for 2024 for Grand Fender