Prepare an income statement that includes variances for the 2020 calendar year end for Bright Light using the information shown and the direct labor variances calculated in Exercise 10. The company sold all goods produced during the period at a selling price of $75 each. Standard costs per unit: Direct materials $ 10.00 Fixed factory overhead 6.50 Variable factory overhead 4.50 Direct labor 9.00 Total $ 30.00 Variances: Direct materials price $(1,900) Direct materials quantity $2,750 Factory overhead controllable $6,700 Factory overhead volume $(2,100) Selling expenses $23,500 Administrative expenses $27,900 Can you explian steps to understand?