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 1,680 (560) (1,120) 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 Fixed factory overhead volume variance-unfavorable Interest expense Sales 490 (210) 3,080 2,940 868,000 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 000 S50,000 Cost of goods sold-at standard 316,000 Gross profit-at standard Unfavorable Favorable Nedt * UI TUTTI CICLU VECUMUL Sales Cost of goods sold-at standard 36.000 Gross profit-at standard 550.000 318,000 Unfavorable Favorable Variances from standard cost: Direct materials price Direct materials quantity 1,680 Direct labor rate Direct labor time 490 Variable factory overhead controllable Fixed factory overhead volume 3,080 Administrative expenses 3,360 Sales 314,640 Operating expenses: Selling expenses Administrative expenses 225.800 Total operating expenses 88,840 Other expense: Interest expense 2,940 85,900 Operating income