income statement indicating standard cost variances the following data were taken from the records of Griggs Company for December 2016: administrative expenses $100,800 cost of goods sold (at standard) $550,000 DM price variance-unfavorable $1,680 DM quantity variance-favorable $560 Direct labor rate

1 Department mg rate is $18.00 per hour. Assuming following month, journalize the direct labor in the Assembly Denth direct paid bh the fifth Department on March 31, EX 23-23 Income statement indicating standard cost variances The following data were taken from the records of Griggs Company for Deco au, ny for December Income before income tax, $85,900 $100,800 550,000 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 Fixed factory overhead volume variance-unfavorable Interest expense Sales Selling expenses 1,680 560 1,120 490 210 ,080 2,940 868,000 125,000 Prepare an income statement for presentation to management