Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024. The 2024 revenue and cost information for Great follows: (Click the icon to view the revenue and cost information.) Assume each fender produced was sold for the standard price of $40, and total selling and administrative costs were $500,000. Prepare a standard cost income statement for 2024 for Great Fender. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Great Fender Standard Cost Income Statement For the Year Ended December 31, 2024 Sales Revenue $ 800,000 Cost of Goods Sold at standard $ 198,500 Direct Materials Efficiency Variance 7450 Direct Labor Cost Variance 5760 430 Direct Labor Efficiency Variance Variable Overhead Cost Variance 560 Variable Overhead Efficiency Variance 740 Fixed Overhead Cost Variance 420 Fixed Overhead Volume Variance 2680 Total Manufacturing Cost Variances 4560 Cost of Goods Sold at actual Total Manufacturing Cost Variances Gross Profit Selling and Administrative Expenses Operating Income (Loss) 1 Data Table $ 800,000 Sales Revenue Cost of Goods Sold (at standard) 198,500 Direct materials cost variance 7,450 F 5,760 U 430 U 560 F Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance 740 U 420 F 2,680 U Fixed overhead volume variance 4,560 U Print Done