ILISU UCHUIS The following data were taken from the records of Griggs Company for December: $100,800 Administrative expenses Cost of goods sold (at standard) 550,000 Direct materials price variance-unfavorable 1,680 Direct materials quantity variance-favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable (560) (1,120) 490 (210) 3,080 2,940 Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable Interest expense Sales 868,000 Selling expenses 125,000 Required: Prepare an income statement for presentation to management. Refer to the list of Labels and Amount Desc the answer choices for text entries. Enter a favorable variance as a negative number using a minus sign and positive number. A colon () will automatically appear for you if it is required. Labels Variances from standard cost Operating expenses Other expense Amount Descriptions Administrative expenses Cost of goods sold-at standard Depreciation of plant and equipment Direct labor rate Direct labor time Direct materials price Direct materials quantity Fixed factory overhead volume Gross profit Gross profit-at standard Income before income tax Income from operations Insurance and property taxes Interest expense Loss before income tax Loss from operations eBook Calculator E Print Item Direct labor time Direct materials price Direct materials quantity Fixed factory overhead volume Gross profit Gross profit-at standard Income before income tax Income from operations Insurance and property taxes Interest expense Loss before income tax Loss from operations Net variance from standard cost-unfavorable Sales Selling expenses Total operating expenses Total variances from standard cost Variable factory overhead controllable 1 eBook Calculator ||| | Griggs Company Score: 48/176 Income Statement For the Month Ended December 31 1 Sales Favorable Unfavorable 6 Direct materials price: 7 Direct labor time Fixed factory overhead volume Net variance from standard cost-unfavorable 10 Direct materials quantity 11 Direct labor rate 12 Variable factory overhead controllable 13 Net variance from standard cost-unfavorable 15 (Label) Acti eBook Print Item Calculator Net variance from standard Costeuntavorable 10 Direct materials quantity 11 Direct labor rate 12 Variable factory overhead controllable Net variance from standard cost-unfavorable 13 15 (Label) 20 (Label) Points