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 varianceunfavorable	1,680
Direct materials quantity variancefavorable	(560)
Direct labor rate variancefavorable	(1,120)
Direct labor time varianceunfavorable	490
Variable factory overhead controllable variancefavorable	(210)
Fixed factory overhead volume varianceunfavorable	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
Net variance from standard cost-unfavorable
Gross profit			$
Operating expenses:
Selling expenses	$
Administrative expenses
Total operating expenses
Income from operations			$
Other expense:
Interest expense
Operating income			$