Income Statement indicating Standard Cost Variances The following data were taken from the records of Grigos Company for December $100.800 550.000 1.600 (5601 Administrative expenses Cost of goods sold (standard) Direct material price variance- vorable Direct materials u wariance favorable Direct labor rate variance favorable Director time variance avorable Variable factory overhead c a lance-favorable Redactory over volume variance usvorbe (1.120) 101 Interese 2,040 68,000 125,000 S . a tvorable Prepare an income statement for presentation to management Griggs Company Income Statement For the oth dad December Unfavorable Favorable Variances from standard cost: Operating expenses: Total operating expenses Other expense