Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs Company for December: $100,800 550,000 1,680 Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance-favorable Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable (560) (1,120) 490 (210) 3,080 2,940 868,000 125,000 Fixed factory overhead volume variance-unfavorable Interest expense Sales Selling expenses Prepare an income statement for presentation to management. Enter all amounts as positive numbers. If an amount box does not require an entry leave it blank or enter "0". Prepare an income statement for presentation to management. Enter all amounts as positive numbers. If an amount box does not require an entry leave it blank or enter"0". Griggs Company Income Statement For the Month Ended December 31 Favorable Unfavorable Variances from standard cost: Operating expenses: Other expense