Lily Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,270 U Materials quantity variance Labor quantity variance 710 F Overhead variance $780 U 890 U Labor price variance 550 U In addition, 8,760 units of product were sold at $9 per unit. Each unit sold had a standard cost of $3. Selling and administrative expenses were $8,400 for the month. Prepare an income statement for management for the month ended January 31, 2022. LILY COMPANY Income Statement