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Question 4 of 4 View Policies Current Attempt in Progress Concord Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,270 U Labor quantity variance $750 U Materials quantity variance 720 F Overhead variance 720 U Labor price variance 400 U In addition, 8,730 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2025. CONCORD COMPANY Income Statement V