M&H Inc. uses a standard cost accounting system. During January 2022, the company reported the following manufacturing variances: Material price variance $1,500 F Material quantity variance 1,300 U Labour price variance 750 U Labour quantity variance 1,300 U Overhead controllable 600 F Overhead volume 4,000 U In addition, 12,000 units of product were sold at $20 per unit. Each unit sold had a standard cost of $14. Selling and administrative expenses for the month were $11,000. Instructions Prepare an income statement for management for the month ending January 31, 2022.