Income Statement Indicating Standard Cost Variances The following data were taken from the records of Griggs Company for December: 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 $100,800 550,000 1,680 (560) (1,120) 490 (210) 3,080 2,940 868,000 125,000 Prepare an income statement for presentation to management. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances For the Month Ended December 31 Unfavorable Favorable Less variance adjustments to gross profit-at standard Operating expenses: Other expense