Prepare an income statement (through income before income tax) for presentation to management, using the following data from the records of Midway Manufacturing Company for November of the current year:

Administrative expenses $ 73,500

Cost of goods sold (at standard) 470,000

Direct material quantity variance--favorable 1,200

Direct materials price variance 2,400

Direct labor time variance- unfavorable 900

Direct labor rate variance-- favorable 500

Factory overhead volume variance-- unfavorable 10,000

Factory overhead controllable variance-- 1,500

Sales-- 950,000

Selling expenses-- 165,800