Please help with managerial accounting

mework Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $146 per unit its standard cost per unit produced is $116 and its selling and administrative expenses totaled $240,500. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year Materials price variance Materiale quantity variance 7.600 011,300 6,600 Labor oftleiese variance Fixed overhead b ut wariace Twee vara $ 3.600 13.100 Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase decrease by how much 2. Prepare an income statement for the year Complete this question by entering your answers in the tabs below When Forsyth coses its standard covariances, the cost of Seved orsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $146 per unit its standard cost per unit produced is 116 and its seling and administrative expenses totaled $240,500. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Materials prie variance Materials quantity walance Labor rate variance Labor ellesey variance Tierhead but walance Tie rhead volume variance $ 7.600 7 111.300 $4,600 $ 5.500 $ 3,600 $1), 100 Required: 1 When Forsyth closes its standard cost variances, the cost of goods sold will increase decrease by how much? 2. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. Required 1 Bered 2 Prepare an income statement for the year