Queen parts company uses a standard cost accounting system. During January 2020, the company reported the following manufacturing variances: Material price variance Material quantity variance Labour price variance Labour quantity variance Overhead budget Overhead volume $2,000 F 2,400 U 800 U 1,200 U 500 F 3,000 U standard cost of $12. In addition, 15,000 units of product were sold at $18 per unit. Each unit sold had Selling and administrative expenses for the month were $10,000. Work Prepare an income statement for management for the month ended January 31, 2020