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) $100,800 550,000 Direct materials price variance-unfavorable 1. Direct materials quantity variance- favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance- unfavorable Interest expense Sales Selling expenses (560) (1,120 490 (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. Griggs Company Income Statement For the Month Ended December 31 Sales- Cost of goods sold at standard Scan.acufitatatandard Unfavorable Favorable Variances from standard cost Direct materials price - Ricest materials quantity Ricest labor rate Direct labor time Xacible factory.exsched.c Fixed factory overheadxolume Net variance from standard cost-unfavorable Sicos acofit Operating expenses Administrative expe Total operating expenses Income from operations Other expen Interat expe Operating income: