Instructions 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 $100,800 550,000 1,680 (560) (1,120) 490 (210) 3,080 2,940 868,000 125,000 Interest expense Sales Selling expenses Required: Prepare an income statement for presentation to management Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. A colon () will automatically appear for you if it is required. Income Statement Griggs Company Income Statement For the Month Ended December 31 Favorable Unfavorable 6 (Label) Income Statement 15 Label) 20 (Label)