Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs Company for December: Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance-favorable $100,800 550,000 1,680 (560) Direct labor rate variance-favorable (1,120) Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable Interest expense Sales Selling expenses 490 (210) 3,080 2,940 868,000 125,000 Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank. Prepare an income statement for presentation to management. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry leave it blank. Griggs Company Income Statement For the Month Ended December 31 Unfavorable Favorable Variances from standard cost: Operating expenses: Total operating expenses Other expense: