Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs Company for December: Administrative expenses $100.800 550,000 Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance-favorable 1.680 (550) (1.120) Direct labor rate variance-favorable Direct labor time variance unfavorable 490 Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable (210) 3,080 Interest expense 2.940 Sales 868,000 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 Sales Cost of goods sold-at standard Gross profit-at standard Unfavorable Favorable Variances from standard cost: Direct materials price Direct materials quantity Direct labor rate Direct labor time Variable factory overhead controllable Fixed factory overhead volume Cost of goods sold-at standard Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Other expense: Interest expense