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 $35, and total selling and administrative costs were $200,000. 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.) Gross Profit Operating Income (Loss) For the Year Ended December 31, 2024 Data table Sales Revenue $ 700,000 Cost of Goods Sold (at standard) Direct materials cost variance 192,500 7,350 F Direct materials efficiency variance 5,650 U Direct labor cost variance 480 U Direct labor efficiency variance 580 F Variable overhead cost variance 690 U Variable overhead efficiency variance 400 F Fixed overhead cost variance 2,140 U Fixed overhead volume variance 4,710 U Print Done