Quality Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2016. The 2016 revenue and cost information for Qualify follows:

Sales Revenue $1,100,00

Cost of Goods sold (at standard) $196,800

Direct materials cost variance 7,350 F

Direct Materials efficiency variance 5,950 U

Direct labor cost variance 400 U

Direct labor efficiency variance 590 F

Variable overhead cost variance 950 U

Variable overhead efficiency variance 380 F

Fixed overhead cost variance 2,140

Fixed overhead volume variance 4,320

Assume each fender rpoduced was sold for the standard price of $55, and total selling and administrative costs were $250,000. Prepare a standard cost income statement for 2016 for Quality Fender.