Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs Company for December: Administrative expenses $100,800 Cost of goods sold (at standard) 550,000 Direct materials price variance-unfavorable Direct materials quantity variance-favorable 1,680 (560) (1,120) Direct labor rate variance-favorable Direct labor time variance-unfavorable 490 Variable factory overhead controllable variance-favorable (210) Fixed factory overhead volume variance-unfavorable 3,080 Interest expense 2,940 868,000 Sales Selling expenses 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 1 $ Unfavorable Favorable Variances from standard cost: Operating expenses: Total operating expenses 8 Other expense: $