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 $60, and total selling and administrative costs were $650,000. Prepare a standard cost income statement for 2024 for Grand Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Grand Fender Standard Cost Income Statement For the Year Ended December 31, 2024 Sales Revenue Cost of Goods Sold at standard Data table 1,2000,000 194,100 Sales Revenue $ 1,200,000 Manufacturing Cost Variances: Direct Materials Efficiency Variance 7450 Cost of Goods Sold (at standard) Direct materials cost variance 199,200 7,550 F Direct Labor Cost Variance 5760 Direct Labor Efficiency Variance 480 Direct materials efficiency variance Direct labor cost variance 5,650 U 480 U Variable Overhead Cost Variance 560 Direct labor efficiency variance 520 F Variable Overhead Efficiency Variance 910 Variable overhead cost variance 610 U Fixed Overhead Cost Variance 400 Variable overhead efficiency variance 300 F Fixed Overhead Volume Variance 2410 Total Manufacturing Cost Variances 4710 Fixed overhead cost variance Fixed overhead volume variance 2,950 U 4,250 U Cost of Goods Sold at actual 5860 Cost of Goods Sold at standard Gross Profit 199960 1000040 Print Done Selling and Administrative Expenses Operating Income (Loss) 500000 500040